Pound Sterling Rallies Ahead of UK Budget, Eyes on Tax Policy

The Pound Sterling (GBP) surged towards the critical 1.2700 resistance during early New York trading, fueled by anticipation ahead of Wednesday’s UK Spring budget announcement.

The Pound Sterling (GBP) surged towards the critical 1.2700 resistance during early New York trading, fueled by anticipation ahead of Wednesday’s UK Spring budget announcement. Chancellor Jeremy Hunt faces a delicate balancing act between addressing inflation, growth concerns, and potential tax cuts.

Market hopes for early Bank of England (BoE) rate cuts could hinge on the scope of announced tax measures. Limited tax cuts may boost these hopes, potentially pressuring the pound. However, significant unfunded stimulus risks fueling persistent inflation. Mixed sentiment ahead of Fed Chair Powell’s testimony and crucial US economic data this week offer a temporary respite for the dollar.

Today’s focus turns to the US S&P Global and ISM Services PMIs, set for release at 14:45 GMT and 15:00 GMT. Traders are closely watching for a decisive break above the Descending Triangle pattern on the daily chart, which could trigger a strong upward move for the GBP.

More To Explore

Market News

US Dollar Continues Upward Momentum Amid Economic Data and Fed Signals

The US Dollar (USD) has entered volatile trading on Friday, attempting to extend its winning streak to six consecutive sessions. Positive economic data and Federal Reserve (Fed) commentary have created a mixed but broadly supportive environment for the Greenback. The US Dollar Index (DXY) sees heightened activity, with traders eyeing

admin November 15, 2024

Market News

EUR/GBP: Bearish Bias Prevails Despite Temporary Rebound

The EUR/GBP pair has experienced a temporary rebound, but the overall bearish trend remains intact. The pair is still trading below its 20-day SMA, indicating a short-term bearish bias. Key Technical Indicators: Support and Resistance Levels: While the recent rebound may offer a short-term buying opportunity for traders, it’s important

admin November 14, 2024

Whether you’re a seasoned pro or just starting out, our FREE daily signals are the perfect resource for anyone looking to optimize their trading strategy and achieve their financial goals. Sign up and start reaping the benefits of our unparalleled support and expertise!

Other pages

Quick links

Contact us

Our Support and Sales team is available 24 /7 to answer your queries

© 2023 OkSignals. All Rights Reserved. Since 2012

Disclaimer
© 2023 OkSignals All offers are for information purposes only. OkSignals TM shall not be held responsible for any errors, omissions, or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date. OkSignals does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this guide, or losses or damage you may incur doing so. There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any decisions. Please remember that markets may rise or fall, and past performance does not guarantee future performance in respect of growth. OkSignals is the name of worldwide cooperation. Provided by members around the world with all available languages. OkSignals should not be referred to as investing or finance advisors.