Sterling weakens to 1.3320 against the US Dollar as markets digest the latest UK Budget, keeping the pair in negative territory with a clear downside bias.
The GBP/USD pair is experiencing downward pressure, trading near 1.3320 as the British Pound loses ground against the US Dollar. This decline follows the release of the UK Budget, which has negatively impacted market sentiment toward the Pound and pushed the pair below the 100-day Simple Moving Average.
The pair is trading around 1.3320 during early European hours.
The primary driver is the market reaction to the recently announced UK Budget.
The British Pound trades lower against the US Dollar, slipping to 1.3320 during early European hours. The currency pair remains under pressure following the release of the UK Budget, maintaining a bearish technical bias below the 100-day moving average.
The GBP/USD pair is facing selling pressure following the announcement of the UK Budget, which has weighed on investor sentiment toward Sterling.