GBP/USD, H4 8 March 2024
GBP/USD made significant gains buoyed by optimism surrounding the UK's budget announcement. Chancellor of the Exchequer, Jeremy Hunt, revealed positive forecasts from the Office for Budge Responsibility (OBR), anticipating a 0.80% economic growth in 2024-- 0.50% higher than the previous autumn forecast. Hunt announced a tax rate cut in employees' National Insurance from 10% to 8%, signalling further confidence in the economic trajectory. Despite the tax cut, Hunt expressed assurance that the UK's debt level would stabilise and projected a gradual reduction to 94.3% by 2028-29, down from the current level above 100%.
GBP/USD is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might experience technical correction.
Resistance level:1.2905, 1.3000📉
Support level: 1.2785, 1.2710📈
GBP/USD made significant gains buoyed by optimism surrounding the UK's budget announcement. Chancellor of the Exchequer, Jeremy Hunt, revealed positive forecasts from the Office for Budge Responsibility (OBR), anticipating a 0.80% economic growth in 2024-- 0.50% higher than the previous autumn forecast. Hunt announced a tax rate cut in employees' National Insurance from 10% to 8%, signalling further confidence in the economic trajectory. Despite the tax cut, Hunt expressed assurance that the UK's debt level would stabilise and projected a gradual reduction to 94.3% by 2028-29, down from the current level above 100%.
GBP/USD is trading higher following the prior breakout above the previous resistance level. Suggesting the pair might experience technical correction.
Resistance level:1.2905, 1.3000📉
Support level: 1.2785, 1.2710📈