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)

Chart by IG (You can click on it for a larger image)

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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)

Latest FTSE 100 price chart

Chart by Investing.com

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— Written by Martin Essex, Analyst and Editor

Feel free to contact me via Twitter @MartinSEssex

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