GBP/USD hoping for a positive UK budget this week

Later this week on Wednesday March 6 the UK Chancellor, Jeremy Hunt will unveil the last budget ahead of the General Election later this year. There will be more to add on that on Wednesday morning, but meantime the Pound could do with some good news beyond perhaps a relapse in the dollar. The GBP/USD closed on Friday at 1.2655. That was up from an earlier session low at 1.2600, but once again below the noted 50 day moving average (in place then at 1.2675). That close also endured the price action remains inside a noted ranged covered by the 200 (1.2577) and 50 day moving averages. The outlook for the Pound this week remains rather uncertain ahead of that UK budget and further potentially market moving data from the US tomorrow (ISM Service sector index tomorrow at 3pm GMT) and later on Friday with the monthly jobs report. The continued move out of UK equities has helped to counter the higher UK interest rate support that should have pushed it higher by now. The GBP/USD has traded a range today, so far covered by 1.2650 to 1.2667, currently trading at 1.2664