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GBP/USD off session lows but hopes are not riding high on Hunt later today
The UK Chancellor, Jeremy Hunt will announce the detail of his Autumn statement later today. That is due at 12.30pm GMT. More generally speaking the markets are not expecting much to emerge from this, but it is often more about perception than it is reality when it comes to UK Budget announcements. There is no leeway for Hunt to deliver sweeping tax cuts, but the general consensus amongst analysts is for a £20 billion tax incentive for business and growth. So, ahead of this the Pound has recently edged off session lows versus the dollar, but the rebound more generally in the dollar seems to have stalled for the time being anyway. The GBP/USD has performed pretty well in recent days, but once again that is more about the dollar than the Pound itself. Should the GBP/USD make a move back above 1.2560, the next important level comes in at 1.2589. That price point is 50% of the 1.3142-1.2037 move. The GBP/USD is currently trading at 1.2529
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