Sterling Struggles for Buyers as Finance Minister Suspense Overshadows Burnham's Fiscal Vow New Prime Minister Andy Burnham promised not to gamble with the economy, yet GBP/USD started the week under pressure. Traders are now fixed on who becomes the next Finance Minister and on the coming UK jobs and inflation numbers. The British Pound opened the new trading week on the back foot, unable to attract fresh buyers even as the country's incoming prime minister worked hard to steady market nerves over the state of public finances. The reassurance on the political front was not enough to lift Sterling, because the real worry weighing on investors remains unresolved. Prime Minister Andy Burnham made clear that he would not gamble with the economy. He voiced support for the fiscal rules laid down under Reeves, who has recently stepped down from office, while also reiterating that he would take firm steps to bring down the high cost of living. In effect, he signalled an intent to balance two goals at once: budget discipline on one side and relief for household budgets on the other. All Eyes on the Next Finance Minister The biggest question hanging over the market right now is who will be named the new UK Finance Minister, and that uncertainty is precisely what has kept the Pound from climbing freely. Speculation points toward Shabana Mahmood, who currently serves as an interior minister, taking on the role. Until the appointment is officially confirmed, traders are likely to stay cautious, since the finance portfolio ties directly into the country's spending and tax policy. With economic calendars largely empty on both sides of the Atlantic, attention drifted heavily toward developments in the Middle East. In the absence of solid domestic data, there was no major trigger to set direction, so geopolitics ended up steering the currency market's mood. This Week's Data Could Set the Next Move The days ahead bring a fuller UK agenda. This week features jobs and inflation figures, Retail Sales and the Flash PMIs for July, all in their preliminary readings. Each is an early estimate, yet Sterling's next big catalyst is likely to come from them. Beyond that, the monthly surge in crude oil matters too, because WTI's climb has kept alive speculation that the Federal Reserve could raise interest rates, a prospect tied directly to a stronger Dollar. Technical Picture: A Mild Positive Lean, With Caution On the daily chart, GBP/USD changed hands at 1.3421 while holding a mild bullish bias. The pair stayed above the clustered 50, 100 and 200-day Simple Moving Average (SMA) group sitting near 1.3377, and comfortably above the rising support line drawn from 1.3159. The RSI (14) at roughly 54 leans slightly positive and does not yet flag overbought conditions, which suggests there is still room on the upside. Fresh live figures put the pair hovering around 1.34, down about 0.46% from its previous close. The live RSI (14) reads near 49, meaning momentum has cooled to close to neutral, and over the past 52 weeks the pair has moved within a 1.30 to 1.38 band. A recent technical read notes that the pair remains below the 50-day EMA near the confluence around 1.3400. On the topside, the first hurdle is set by the descending trendline, with its key reference point around 1.3481, where sellers could try to cap further gains. On the downside, immediate support comes from the SMA cluster near 1.3377, followed by the rising trendline base from 1.3159. According to analysts, only a daily close back below the moving averages would begin to weaken the current constructive tone. How the Pound Fared Against Other Currencies The Pound's performance against the major currencies was mixed on the day, with its strongest showing coming against the Swiss Franc. When comparing currencies against one another, the base is taken from the left column and the quote from the top row, so if you pick the Pound as the base and the Dollar as the quote, the percentage change shown reflects GBP against USD. A Firmer Dollar Pressures Cable In a bearish start to the week, GBP/USD came under extra selling pressure and slipped back toward multi-day lows near 1.3420. The decline in Cable came against a firmer Greenback, as investors kept assessing the US and Iran conflict. From here, focus turns to the UK employment report due on Tuesday. Elsewhere, EUR/USD traded lower for a third straight day and edged toward the key 1.1400 threshold, its multi-day trough, on Monday. The pullback reflected persistent uncertainty around the Middle East crisis alongside a solid Dollar. Later in the week, the spotlight shifts to the European Central Bank's (ECB) interest rate decision. Gold and Ethereum in Motion Gold reversed Friday's uptick and swung around the key 4,000 dollars per troy ounce mark at the start of the week. Escalating military action in the Middle East lent the safe-haven metal some support, though expectations of higher US interest rates strengthened the Dollar and kept gold under pressure. In the crypto market, Ethereum outperformed other top coins over the past week and gained relative strength, yet a closer look shows key metrics still paint its rise as fragile. Between last week and Wednesday, ETH booked double-digit gains and outran fellow majors Bitcoin, XRP and Solana, before the broader market slipped into a correction from Thursday. What this means for you • For investors: The Pound may stay choppy until the Finance Minister is named and this week's UK jobs and inflation data land, so caution is warranted on GBP-linked positions. • For travellers and importers: Moves in the Pound and Dollar feed straight into exchange rates, which can change costs for anyone travelling to the UK or dealing in Sterling. Questions & Answers 1. Why did the Pound fall? GBP/USD came under pressure at the start of the week amid uncertainty over who will be the new Finance Minister and a firmer Dollar. 2. What did Andy Burnham say about the economy? He said he would not take risks with the economy and backed the previous government's fiscal rules, while repeating that he would act to cut the high cost of living. 3. Who could become the new Finance Minister? Speculation points toward Shabana Mahmood, who currently serves as an interior minister, taking the role. 4. Which UK data matters this week? Jobs and inflation figures, Retail Sales and the preliminary Flash PMIs for July are all due this week. 5. What are the key technical levels for GBP/USD? Resistance sits near 1.3481 on the topside, while support lies at the SMA cluster near 1.3377, followed by the trendline base from 1.3159. 6. How did gold perform? Gold hovered around 4,000 dollars per troy ounce, supported by Middle East military action but held back by a stronger Dollar on rate expectations. 7. How did Ethereum do? Between last week and Wednesday, ETH posted double-digit gains and outran Bitcoin, XRP and Solana, though its rally is still seen as fragile. https://trendkia.com/en/market/phainensa-mntri-para-saspensa-ke-bicha-pound-men-giravata-burnham-ka-vada-bhi-nahin-snbhala-paya-sterling-9756 TrendKia — Har trend, sabse pehle.