GBP/USD moves off highs as USD recovers ground
|Cable trimmed gains during US session and spiked lower after Trump’s comments.- US President warned about imposing tariffs on European cars.
The GBP/USD pair peaked earlier today at 1.3314, the highest level since June 14. Then it lost strength and pulled back. Recently dropped to 1.3248 but quickly rebounded to the 1.3260/70 area, where it was trading.
Cable is still up for the day and most import, is it holding to yesterday’s strong gains that followed the Bank of England meeting. The 6-3 vote at the MPC triggered a rally in the pound.
Recently GBP/USD bottomed following a message from US President Trump warning about tariffs to European cars. Trump tweeted: “Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European
GBP/USD Outlook
The pair is still moving with a bearish tone on a wide perspective but in the short-term, the picture could change. On a weekly basis, the pair is unchanged and far from the lows, a “
GBP/USD needs to hold on top of 1.3220/40 in order to keep a bullish tone. While a consolidating on top of 1.3300 (20-day moving average) could open the doors to more gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.