GBP/USD rises as US Supreme Court blocks Trump's tariffs

💡 DMK Insight

GBP/USD’s 0.23% rise signals a shift in market sentiment following the Supreme Court’s ruling. The court’s decision against Trump’s tariffs, which were intended for national emergencies, has weakened the USD, especially in light of a disappointing GDP report. This combination is crucial for traders to consider, as it may indicate a broader trend of dollar weakness. If GBP/USD can maintain momentum above recent resistance levels, it could open the door for further gains. Traders should keep an eye on the 1.30 level, which has historically acted as a pivot point. A sustained break above this could trigger additional buying pressure. But here’s the flip side: if the market starts to price in a stronger recovery for the USD, especially with upcoming economic data releases, we could see a reversal. Watch for any shifts in sentiment around US economic indicators, as they could impact the dollar’s strength and, consequently, GBP/USD’s trajectory.