- Analytics
- News and Tools
- Market News
- GBP/USD to press strong resistance at 1.2800/1.2825 – ING
GBP/USD to press strong resistance at 1.2800/1.2825 – ING
Today sees UK Chancellor, Jeremy Hunt, present a pre-election budget. The Pound Sterling (GBP) is the only G10 currency to print positive total returns against the US Dollar (USD) this year. An expansionary UK budget would support the GBP, economists at ING say.
Chancellor Hunt to keep Sterling show on the road
Some decent fiscal stimulus should only delay the Bank of England easing cycle (we currently pencil in August for the first cut) and support Sterling.
There may also be focus on new measures to support the UK financial industry, such as a new Individual Savings Account with tax incentives to invest in British-listed securities. There has also been some petitioning of the Chancellor to lower or abolish the 0.5% stamp duty on UK share trading, which puts Britain at a disadvantage for listings relative to most competitors. Any move here, as long as it was funded, would prove a Sterling positive.
Overall, we are mildly positive on sterling today and can see a scenario where GBP/USD presses strong resistance at 1.2800/1.2825.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
