The British Pound (GBP) is little changed while Gilts are a little softer in line with the general tone in fixed income, as UK markets prepare for tomorrow’s budget announcement, notes Shaun Osborne, Strategist Head of FX at Scotiabank.
GBP little changed in narrow range near 1.2975
“More spending (investment in health services, for example) and more debt issuance are expected after Chancellor Reeves announced changes to the way the government measures borrowing to give it more room to maneuver to achieve its policy objectives “
“The GBP bounce late last week has not developed any additional bullish momentum so far this week. In fact, the spot has tended to stay very close to the 100-day moving average (1.2974) in recent sessions after to bounce to that point last Thursday.”
“Price action still holds some promise of improvement and gains through 1.2995/00 could see the pound extend to the 1.3070/75 area. Support at 1.2910.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
