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British Pound Outlook: GBP/USD Recovery Emerges Ahead of UK Budget
GBP/USD extends the rebound from the monthly low (1.2907) to keep the Relative Strength Index (RSI) above 30, and the exchange rate may stage a larger recovery going into the UK Budget as it starts to carve a series of higher highs and lows. GBP/USD trades to a fresh weekly high (1.3012) following the weaker-than-expected US Job Openings and Labor Turnover Survey (JOLTS), and it remains to be seen if the update from Chancellor of the Exchequer Rachel Reeves will influence the exchange rate as the Bank of England (BoE) starts to unwind its restrictive policy. It seems as through the Monetary Policy Committee (MPC) ... (full story)