British Pound (GBP) Latest: FTSE Shrugs Off BP Results, GBP/USD Stable

GBP AND FTSE 100 PRICES, NEWS AND ANALYSIS:

• GBP/USD is continuing to trade around the 1.31 level, with few signs of a breakout either way.
• Meanwhile, shares in oil major BP jumped despite news of a record loss and a reduced dividend.
• That helped the FTSE 100 index hold its ground, along with the other main European stock indexes.

GBP/USD STEADY

GBP/USD was stable in early London trading Tuesday as the currency markets wait for news from the talks among US politicians on a new coronavirus relief bill. Reports suggest that some progress is being made but that several sticking points remain.

GBP/USD PRICE CHART, ONE-HOUR TIMEFRAME (JULY 28 – AUGUST 4, 2020)

In the stock markets, the highlight Tuesday so far has been news from the oil major BP of a dividend cut for the first time in a decade and of a record $6.7 billion loss in the second quarter as the coronavirus crisis hit demand for energy. Oddly, its share price was up by more than 5% in response – suggesting that even worse numbers had been expected.

Nonetheless, the FTSE 100 index of the leading London-listed stocks was little changed alongside indexes around the main European trading centres.

FTSE 100 PRICE CHART, DAILY TIMEFRAME (APRIL 27 – AUGUST 4, 2020)