GBP/USD steadies as UK borrowing surges amid US trade uncertainty
GBP/USD consolidates around 1.2950, showing minimal movement as traders balance concerns over rising UK government borrowing against US trade policy uncertainty. UK public sector net borrowing expanded sharply to £17.4 billion in June, exceeding forecasts and marking the highest June borrowing since 2021. The pound's resilience suggests markets are more focused on pending US trade announcements, with investors awaiting clarity on potential tariff implementations. Technical indicators show GBP/USD trapped between immediate resistance at 1.2980 and support at 1.2920. The pair's near-term direction likely depends on US trade policy developments and upcoming UK economic data releases. Risk sentiment remains fragile, with safe-haven flows potentially limiting sterling's upside potential despite dollar weakness.
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