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GBP/USD traders increasing nervous as UK budget looms closer
It is less than a week to go now before the UK Chancellor, Rachel Reeves will unveil what is surely the most eagerly awaited budget in over a decade. The markets are increasingly nervous and trepidatious over what measures will be announced. Notwithstanding the firmer dollar so far this week, that is undermining the Pound and last night the GBP/USD did fall below the noted upward trend line support, in place then at 1.2918 (now at 1.2922). The low seen was set at 1.2908, which suggests stops were tipped just below that level and little more at this stage. The GBP/USD closed in the US last night at 1.2921. The range seen so far today has been covered by 1.2909 to 1.2931. So, as you can see, it has been creeping a little higher so far today, but not yet in any kind of meaningful way. The Pound is not out of the woods by any means folks. The next major technical support level to note this morning is in place at 1.2867 (50% of the 1.23-1.3434 move). The GBP/USD is currently trading at 1.2928
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