Post #15356

GBP Stuck Under Pressure GBP/USD is trading below the 1.3150 support level and has stayed underneath it, turning that zone into new resistance. Under the hood, the U.K. story looks soft: - Recent data showed record-high borrowing (outside COVID), weak business activity, falling retail sales, and softer household sentiment. - All of this hits right before next week’s U.K. budget, where Finance Minister Rachel Reeves is expected to find tens of billions in extra revenue to meet her fiscal rules. - Markets now price 80%+ odds of a BoE rate cut in December, with more easing likely into 2025 as growth risks build. Rallies are vulnerable to selling—especially if the budget leans toward tax hikes and markets stay convinced of more BoE cuts. - Alan