GBP/USD walks back from 1.30 again

Well, as you can see the GBP/USD has again run into sellers around that 1.30 handle and that has delivered another fall towards 1.2950 again. As noted here yesterday afternoon, the high seen was set at 1.3001 and it closed in the US last night at 1.2972. The range seen so far today has been covered by 1.2958 to 1.2982. So, as the UK budget draws ever closer, Pound traders remain wary and that continues to see the 1.30 level attract sellers. That is not least because a tight fiscal budget is almost certain to deliver a rate cut from the Bank of England just 2 days after, on November 7. The market consensus remains for another 0.25% cut then and the outlook for a further cut in December is also very much on the radar for many leading analysts. However, so much does depend on what emerges from the budget on Wednesday. The GBP/USD is currently trading at 1.2964