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Mar 04 - 08:55 PM

GBP/USD - Bid As Signals Turn Positive Ahead Of Tomorrow's Budget

By Andrew M Spencer  —  Mar 04 - 06:45 PM
  • Steady after closing up 0.3% ahead of tomorrow's budget, led the USD lower

  • Fin Min Hunt plays down talk of big tax cuts in the pre-election budget

  • The government is wary that tax cuts could spook the bond market

  • March 6th UK budget is the major domestic event risk for sterling

  • Charts; 5, 10 & 21-DMA's rise plus 21-day Bollinger bands edge higher

  • Daily momentum studies rise - the daily charts show a modest positive bias

  • Monday's 1.2666 low and last week's 1.2600 base are initial supports

  • Close above 1.2707 upper 21-day Bolli, Feb 21 1.2710 top would be positive

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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