The Pound Sterling erased some of its earlier losses, climbing above its opening price against the US Dollar, after the UK Chancellor Rachel Reeves revealed its autumn budget.
GBP/USD bounces off ascending channel support, clears 1.3000, and reaches a high of 1.3039 after the UK’s autumn budget release. Buyers must clear October 18 peak at 1.3070 to test 1.3100 and the 50-day SMA at 1.3138. Key support lies at the October 29 close of 1.3014 and the 100-day SMA at 1.2974, followed by the October low of 1.2936. The GBP/USD trades above 1.3000, virtually unchanged. According to the Financial Times, the Autumn budget was well received by the markets.
Otherwise, if sellers push the exchange rate below the October 29 daily close of 1.3014, it would expose the 1.3000 psychological level as the next support. A breach of the latter will expose the 100-day SMA at 1.2974, before the GBP/USD tumbles towards October 300 low of 1.2936. GBP/USD Price Chart – Daily British Pound PRICE Today The table below shows the percentage change of British Pound against listed major currencies today. British Pound was the strongest against the Canadian Dollar.
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