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GBP/USD sets first daily close above 1.27 since February 1 as UK Budget looms

Yesterday the GBP/USD did manage to take advantage of some relative dollar weakness and it outperformed the EUR/USD too. The noted rise to a fresh one month high, at 1.2735 helped the pound to later post its first daily close above 1.27 since February 1. The range so far has been tight  (1.2693-1.2708) and the price action has been cautious ahead of the UK budget announcement later today. I would caution against expecting too much on that though. Right now there is much speculation on tax cuts to highlight the budget, but other measures could yet have an impact. As usual with the budget there is the prospect of price action ahead of and after this event. That said, there is limited room for manoeuvre from the UK Chancellor today at 12.30pm GMT. Immediate support lies at 1.2673 and resistance is at 1.2735. The Pound is currently trading at 1.2705 

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