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GBP/USD extends losses as UK leadership change weighs on sterling

The pound traded about 0.4% lower near 1.3427, with the currency pressured by uncertainty around the UK leadership transition while traders also look ahead to UK employment and June CPI data.

Reported · Written up by our desk · Major Pairs

The British pound extended its decline against the US dollar for a second straight day, FXStreet said, trading about 0.4% lower near 1.3427 during European hours.

Selling pressure on GBP/USD has been linked to sterling weakness amid the ongoing process of a UK leadership change, according to FXStreet.

Earlier in the week, the pound had strengthened after a Financial Times report that incoming UK prime minister Burnham would name Shabana Mahmood as finance minister, a move markets viewed as fiscally conservative.

FXStreet also cited upcoming UK data, including employment for the three months ending May and June CPI next week, while the US dollar edged higher on concerns about a resurgence in US inflation tied to elevated energy prices related to continued aggression in the Middle East.

Latest closeGBP/USD 1.348 ▼0.5%

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