UK government borrowing in focus for the GBP/USD shortly

At 7am GMT the UK government will release their latest borrowing figures covering the month of October and this is very much on the radar for the Pound at the moment. Perhaps more usually that would not be the case, but with the impact of the UK budget still very much in the headlines at the moment, this data could have more of an impact than might usually be the case. Ahead of this the GBP/USD is off the lows seen later yesterday afternoon, when it dropped back towards 1.2625. The GBP/USD later closed in the US at 1.2652 and it not much removed from that closing level right now. The failure of the Pound to rise above 1.2720 yesterday after the higher than forecast UK inflation data was one element and the gains later yesterday afternoon in the dollar as another. The range seen so far this morning has been covered by 1.2646 to 1.2660. The GBP/USD is currently trading at 1.2750