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GBP/USD price forecast after UK government policy reversal
In a stunning turn of events, the UK government announced today a U-turn in its recent policy and backed down on 45p tax rate cut. After the Bank of England’s intervention last week to calm the bond market, the British pound rallied and consolidated for a while. Today’s announcement led to another leg higher as the pound’s recovery from all-time lows against the US dollar continues. So where would the GBP/USD exchange rate go next, now that it has recovered almost all lost ground since the mini-budget’s announcement? Today’s announcement further fueled GBP/USD’s rally. The exchange rate recovered from ... (full story)