GBP/USD edging above 1.30 as UK government borrowing data looms

Yesterday the Pound did eventually fall below the 1.30 handle heading into the 4pm London Fix. The GBP/USD later dropped to a low at 1.2977, before closing in the US at 1.2985. The price is edging higher this morning though ahead of some important UK data due shortly, at 6am GMT. This data concerns the latest UK government borrowing requirements for September. The markets are expecting the level of government borrowing to increase to around £17.5 billion last month, up from a figure of £13.7 billion in August. The reason why this data is much more in the spotlight this month is because of the looming UK budget and the focus there on the new Chancellor looking to balance the books on borrowing. This was mentioned here yesterday and so shortly we shall see it that has an impact on the Pound and the FTSE 100 for that matter too. The range in the GBP/USD so far today has been covered by 1.2980 to 1.3006. It is just now trading at 1.3002