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• GBP/USD recovered from early decline on Wednesday after Britain's new finance minister unveils first budget.
• Britain's new finance minister Rachel Reeves announced the biggest tax increases in three decades in her first budget.
• Reeves said she would raise taxes by 40 billion pounds a year much of it falling on businesses - to cover a 22 billion-pound shortfall inherited by her Labour Party.
• At GMT 15:50 the pair was trading up 0.02% at 1.3018 recovering from daily low.
• Immediate resistance is located at 1.3154( 38.2%fib), any close above will push the pair towards 1.3231(Sep 6h high)
• Strong support is seen at 1.3022(50%fib) and break below could take the pair towards 1.3000(Psychological level).
Recommendation: Good to buy around 1.3000 , with stop loss of 1.2920 and target price of 1.3100
