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fxJul 16, 2026, 10:23 PM

Sterling Slips Below 1.3500 as New UK PM Faces Familiar Headwinds

GBP/USD fell nearly 0.5% to below 1.3500 after failing to clear 1.3550 for a second straight day. The British pound weakens as a new Prime Minister takes office amid ongoing economic challenges.

GBPUSD

The British pound weakened sharply on Tuesday, with GBP/USD dropping around half a percent to trade just below the 1.3500 handle. The move came after the pair failed to break through resistance at 1.3550 for a second consecutive session, stalling the prior week's rally.

The currency's decline coincides with the appointment of a new UK Prime Minister, though market participants remain focused on persistent structural issues—namely inflation, slow growth, and fiscal constraints—that have weighed on sterling for months.

Technical traders note that the 1.3500 level is now pivotal; a sustained break lower could open the door to further losses, while a recovery above 1.3550 would be needed to revive bullish momentum.

Source: FXStreet Forex News