GBP/USD Falls to 1.2420 as Dollar Strength and Tariff Fears Weig
GBP/USD extended losses for a fourth session, trading near 1.2420 on Friday as a stronger US Dollar and renewed tariff threats from Trump pressured the pair.
Late Thursday, Trump reiterated plans for a 25% import tax on Canadian and Mexican goods, with the first round set for February 1. He also threatened 100% tariffs on BRICS nations if they introduced a new trade currency.
Traders now await key US data, including PCE inflation and PMI figures. Meanwhile, the British Pound remains under pressure as the BoE is expected to cut rates by 25bps next week, its third cut since August.
The first resistance level for the pair will be 1.2460. In the event of this level's breach, the next levels to watch would be 1.2500 and 1.2600. On the downside 1.2400 will be the first support level. 1.2350 and 1.2265 are the next levels to monitor if the first support level is breached.
Late Thursday, Trump reiterated plans for a 25% import tax on Canadian and Mexican goods, with the first round set for February 1. He also threatened 100% tariffs on BRICS nations if they introduced a new trade currency.
Traders now await key US data, including PCE inflation and PMI figures. Meanwhile, the British Pound remains under pressure as the BoE is expected to cut rates by 25bps next week, its third cut since August.
The first resistance level for the pair will be 1.2460. In the event of this level's breach, the next levels to watch would be 1.2500 and 1.2600. On the downside 1.2400 will be the first support level. 1.2350 and 1.2265 are the next levels to monitor if the first support level is breached.
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