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Mar 04 - 05:55 AM

GBP/USD - Respects Feb 29 High Amid UK Budget Focus

By Rob Howard  —  Mar 04 - 03:40 AM
  • Cable runs into resistance by 1.2681 after extending north from 1.2600

  • 1.2681 was Thursday's high. 1.2600 was Friday's one-and-a-half week low

  • Friday's low was plumbed just before US ISM mfg miss - which hurt dollar

  • More offers expected pre-1.27 (1.2699 was last week's high, on Feb 26)

  • Hunt plays down talk of big UK tax cuts in pre-election budget nL2N3FH04S

  • On Friday, Pill said BoE likely to overhaul its forecasting after CPI shocks

Source:
Refinitiv IFR Research/Market Commentary

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