GBP/USD closes in on next resistance

Finance

GBP/USD closes in on next resistance

GBP/USD Forecast: Pound Sterling closes in on next resistance

GBP/USD started the day under pressure on Tuesday but managed to reverse its direction in the second half of the day to close in positive territory. The pair stays relatively quiet and fluctuates at around 1.2350 in the European session on Wednesday.

Despite the uncertainty surrounding US President Donald Trump‘s tariff policies, Wall Street’s main indexes opened higher following the long weekend and made it difficult for the US Dollar to stay resilient against its peers on Tuesday. Read more…

Pound Sterling gains against USD as investors start digesting Trumps tariff threats

The Pound Sterling (GBP) ticks higher to near 1.2350 against the US Dollar (USD) in Wednesdays London session. The GBP/USD pair gains as the US Dollar struggles to hold its two-week low, with the US Dollar Index (DXY), which tracks the Greenbacks value against six major currencies, trading cautiously around 107.90 as its safe-haven demand has moderated.

The USDs safe-haven appeal has diminished as the tariff plans disclosed by the United States (US) administration under President Donald Trump are less fearful than what investors had anticipated in the election campaign. Trump said on Tuesday that he would impose 10% tariffs on China on February 1, the same day he vowed to slap 25% tariffs on other North American economies. In the election campaign, Trump threatened to impose 60% tariffs on China.