FxWirePro: GBP/USD slips as Trump tariff fears weigh on risk sentiment

• GBP/USD eased on Tuesday   as latest tariff updates from the Trump administration has sparked fresh risk aversion in global markets.

•U.S. President Donald Trump on Monday informed 14 countries, including Japan and South Korea, that they face 25% tariffs starting August 1, while also signaling openness to further negotiations.

•Only Britain and Vietnam have secured deals to avoid the new levies, which are separate from existing tariffs on autos, steel, and aluminium.

•UK GDP data is scheduled for release later this week and is expected to draw significant market attention as investors look for clues on the economy’s trajectory amid persistent inflation pressures and evolving monetary policy expectations.

•The figures will offer insight into whether the UK is maintaining growth momentum or showing signs of stagnation, potentially influencing the Bank of England’s upcoming policy decisions.

• At GMT 11:53, the pound was down 0.18% to 1.3579 against the US dollar.

•   Immediate resistance is located at 1.3687(July 4th high), any close above will push the pair towards 1.3757(23.6%fib)

•  Strong support is seen at 1.3547(38.2%fib) and break below could take the pair towards 1.3387(50%fib).

  Recommendation: Good to buy around 1.3560 with stop loss of 1.3470 and target price of 1.3610