Is the Pound running out of Post UK election momentum now?- check out the GBP/USD

There can be little doubt that the Pound was seemingly buoyed in part, by a degree of UK election optimism; that the new Labour government might actually deliver something really quite dynamic for the currency in the weeks and months ahead. However, since peaking at 1.3266 last week, the GBP/USD has been falling back and this morning it is pushing close to a test of the 1.31 handle. The Pound posted a synthetic US close last night at 1.3146. The most recent news flow surrounding the upcoming October 30 UK budget is actually not positive at all and it seems that there is very little on the table in realty by the new Labour chancellor, than to repeat all the actions of her predecessors- TAX and SPEND. Perhaps we shall have to see on that, but if that is all that Reeves has to really offer the markets, it will not be received at all well by the currency. The GBP/USD has just hit a new low on the week a short while ago, at 1.3109. It is currently trading at 1.3113