The latest budget details for the UK showed a widening in the public sector net borrowing. The borrowing excluding public sector banks rose by 2.3 billion GBP from the previous year to 11.2 billion.
This was higher than the forecasts of an increase to 9.3 billion, and the highest borrowing levels in over five years.
GBP/USD Marks a Double Top
The currency pair’s rally to the resistance level at 1.2960 saw a reversal. This has led to a double top pattern forming at the resistance. If prices fall below 1.2904, then we could see a decline further. This will break past the current lower support at 1.2865 and could trigger further declines in the near term.
