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Mar 06 - 06:55 AM

GBP/USD - Rises Towards One-Month High Before UK Budget

By Rob Howard  —  Mar 06 - 04:55 AM
  • GBP/USD climbs towards 1.2735 ahead of UK budget statement (from 1230 GMT)

  • 1.2735 was Tuesday's one-month high, after USD fell on US ISM services miss

  • Cable might extend north if UK budget perceived as overly generous to voters

  • Overly generous budget might kick BoE rate cut can from August to September

  • GBP/USD bull targets include 1.2772 (Feb 2 top), 1.2800 and 1.2825 (Dec top)

  • UK Feb construction PMI 49.7 vs 49.0 f/c. Powell testimony from 1500 GMT

Source:
Refinitiv IFR Research/Market Commentary

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