The GBP/USD pair opened Thursday with gains following the Bank of England’s expected 25 basis point rate cut, but the pound’s momentum faded as attention turned to U.S. trade developments. By Friday morning, the pair was trading around 1.3240.
Sentiment shifted toward the U.S. dollar after the Trump administration announced an upcoming trade deal with the UK, helping Britain avoid steep reciprocal tariffs originally set to resume on July 9. While some relief came from Trump’s earlier ‘Liberation Day’ delay, a broad 10% tariff on all UK imports to the U.S. remains on track, potentially weighing on sentiment. Refined ethanol has been fully exempted, though U.S. import data shows none has been sourced from the UK in over 15 years.
If GBP/USD breaks above 1.3280, resistance levels come in at 1.3450 and 1.3550. Support lies at 1.3160, followed by 1.3000 and 1.2960.
Sentiment shifted toward the U.S. dollar after the Trump administration announced an upcoming trade deal with the UK, helping Britain avoid steep reciprocal tariffs originally set to resume on July 9. While some relief came from Trump’s earlier ‘Liberation Day’ delay, a broad 10% tariff on all UK imports to the U.S. remains on track, potentially weighing on sentiment. Refined ethanol has been fully exempted, though U.S. import data shows none has been sourced from the UK in over 15 years.
If GBP/USD breaks above 1.3280, resistance levels come in at 1.3450 and 1.3550. Support lies at 1.3160, followed by 1.3000 and 1.2960.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.