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Forex: GBP/USD approaching daily highs after spike to 1.5043 on UK budget

FXstreet.com (Barcelona) - After testing the 1.5150 line, the GBP/USD began to retrace its gains ahead of the publication of the UK Budget Report. The budget deficit for 2012-13 is regarded at 7.4% of GDP. 6.8% deficit in 2013-13 and 5.4% in 2014-15. The GBP/USD has spiked to 1.5043 low but it has bounced back and is approaching the daily highs again.

According to the release, the Office for Budget Responsibility has cut the 2013 GDP growth forecast from 1.2% to 0.6% and the 2014 GDP growth forecast from 2.3% to 1.8%, leaving the 2015 and 2016 forecasts unchanged.

“The GBP/USD currency pair is consolidating near the top of the first impulse. We think today the price may leave this consolidation channel downwards and start a correction with the target at 1.4960”, wrote Roboforex.com analyst Igor Sayadov, expecting then another ascending wave to break the top of the first impulse and then continue consolidating.

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