GBPUSD extends winning streak amid budget uncertainty
GBPUSD is extending its rally for the fifth consecutive session, driven by anticipation ahead of the UK Autumn Budget. Market sentiment remains clouded by heightened uncertainty following mixed signals from Chancellor Rachel Reeves regarding potential tax measures.
The pair has once again rebounded from the 1.3040 level and continues to hover near the key 1.3210 resistance, which has capped gains since late October. A decisive break above this level could bring the 1.3260 barrier into focus, while the bearish crossover between the 50-day and 200-day simple moving averages (SMAs) near 1.3305 may act as a strong ceiling, potentially triggering renewed downside pressure.
On the other hand, a drop below the 1.3010–1.3040 support zone would pave the way for a test of the 50.0% Fibonacci retracement of the uptrend from 1.2100 to 1.3788, located at 1.2940.
From a technical perspective, the MACD is strengthening above its signal line, and the stochastic oscillator is approaching the overbought territory near the 80 level, suggesting bullish momentum remains intact for now.
To sum up, GBPUSD shows strong upward momentum in the short term, but the broader outlook remains strongly negative.
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