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Starmer Under Fire, GBP/USD Plunges
Welcome to Thursday’s trade! Geopolitics is the news of the day, headlined by the Trump/Xi Summit. The big news out of the meeting was talk over Taiwan and the US/China avoiding a potential war at some point in the future. Sentiment on Wall Street is positive, with the major US equities indices moving higher on the session.
In the UK, news surrounding the possible replacement of Keir Starmer as PM has dominated headlines. At this hour, it is being reported that British health secretary Wes Streeting has resigned and is calling for a leadership contest to replace Starmer. With Parliament in relative chaos following an MP shakeup, it’s anyone’s guess how this situation will pan out. Remember Brexit? We may be in for another prolonged period of uncertainty in the UK.
Subsequently, the pound sterling has taken a hit over the past 48 hours. Here’s a support level worth watching in the GBPUSD:
Weekly 62% Fibonacci Retracement, 1.3349
Check out our Key Levels for more information on this Trade Idea.
During the US premarket hours, Retail Sales for April were in line with expectations but fell dramatically month over month. Is a recession on the horizon? Anything is possible, with the answer hinging on whether or not the US/Iran War continues. We’ll cover the latest from Iran and more on tomorrow’s US session live stream. See you there! (1:00 PM EST, Switch Markets on YouTube).
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