- GBP / USD reached daily highs above 1.4000 but failed to assert itself above.
- Focus on bond market, UK budget presentation and US data.
The GBP / USD reached new highs for the current week at 1.4005, but quickly returned below and is trading at 1.3975 / 80, showing a slight daily rise, although at the moment it cannot be confirmed above 1.4000.
The dollar is being one of the main drivers of the GBP / USD. The recent rise and subsequent retracement were repeated in the other crosses of the dollar. The pound is also among the best performers considering the most traded currencies. EUR / GBP is testing Wednesday’s lows below 0.8640.
Expectations for Budget announcements are giving support to the British pound. UK Finance Minister Rishi Sunak would announce measures to protect businesses and jobs. The exhibition will start around 12:30 GMT.
In the US the focus could be on the data. The report of ADP private sector employment and data from the service sector. Also speaking will Fed officials Patrick Herkler, Raphael Bostic and Charles Evans. In the afternoon of the American session, the Fed’s Beige Book on the state of the economy will be published.
Technical levels
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