Pound Sterling Price News and Forecast: GBP/USD attracts fresh sellers on Tuesday

FXStreet Team FXStreet

British Pound sticks to intraday losses vs bullish USD after downbeat UK PMIs

The GBP/USD pair adds to its modest intraday losses and touches a fresh daily low, around the 1.3215-1.3210 region during the first half of the European session. Moreover, the fundamental backdrop seems tilted in favor of bearish traders and suggests that the path of least resistance for spot prices remains to the downside.

The British Pound (GBP) meets with a fresh supply in the face of the deepening UK political crisis following Prime Minister Keir Starmer's resignation amid mounting pressure from the Labour Party. Adding to this, the disappointing release of the flash UK PMIs exerts additional pressure on the GBP, which, along with sustained US Dollar (USD) buying, contributes to the offered tone surrounding the GBP/USD pair. Read more...

GBP/USD Price Forecast: Bearish bias persists as pair tests Symmetrical Triangle breakdown zone

The British Pound (GBP) trades slightly lower against its major currency peers during the European trading session on Tuesday, but remains firm against Asia-Pacific currencies. The GBP/USD pair drops 0.1% to near 1.3237 as investors seek clarity regarding how the United Kingdom (UK) fiscal policy will shape up after the leadership transition triggered by the resignation of Prime Minister Keir Starmer.

On Monday, Starmer announced his resignation from the premiership and ensured an orderly handover of responsibilities. Starmer’s resignation has cleared the way for Greater Manchester Mayor Andy Burnham’s leadership bid or a wider contest among potential candidates over the summer. Read more...

GBP/USD: Cable’s two-timeframe problem

A Prime Minister resigning should be a one-day headline. The more interesting question is why the chart was already leaning this way before the news crossed.

GBP/USD trades at 1.3235 as Westminster digests Keir Starmer’s resignation, with nominations for a successor opening on 9 July. The political risk premium is real, but it is landing on a pair that had no technical reason to be bid. That is the part worth slowing down on. Read more...

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FXStreet Team

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Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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