GBP/USD bulls meet resistance near 1.22 ahead of UK budget – by fx_ross GBPUSD Politics Fed Currencies
Fed bets are dwindling in regards to a hawkish bias, weighing on the US Dollar.
On the domestic front, official data showed that UK pay growth lost pace in the three months to January, welcome news for theas it seeks to rein in inflation and a further factor in the mix for its rate-setting meeting next week. ´´The Chancellor is also under pressure to increase pay for some public sector workers. As long as the bulk of the measures announced by Hunt are aimed at supporting productivity and investment without added to the strain on public finances, GBP should react well,´´ the analysts added. ´´ The break above the 50 day sma at 1.2135 is a bullish near-term signal. That said, we see room for the USD to reverse this week’s losses and would look for a move back to GBP/USD1.
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