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GBP/USD on session lows as UK Budget set to take centre stage later today

Yesterday afternoon the GBP/USD extended its rise on the day. The Pound reached a high at 1.2559. It later closed in the US at 1.2539, as the US dollar made a comeback versus the Yen and the Euro. The fall in the EUR/USD from session highs, delivered further downside in the EUR/GBP, as noted in an update here at the time. That dynamic kept the GBP/USD relatively elevated as indeed it has so far today. However, the GBP/USD is a little lower this morning. The UK Budget is very much in focus for the pound later and it remains to be seen if whatever emerges there will be met with a positive reaction in the currency. The range so far today has been covered by 1.2523 to 1.2550. It is just now right on that session low 
 

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