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• GBP/USD traded in a narrow range on Wednesday as markets awaited a multi-year spending plan from UK Finance Minister Rachel Reeves.
In a speech to parliament scheduled after 1130 GMT, Rachel Reeves will detail government department budgets for 2026 to 2029, along with investment plans extending to 2030.
•UK’s Reeves is set to unveil £2 trillion spending plan, with funds earmarked for R&D, transport, nuclear projects, and prisons..
• At GMT 10:08, the pound was down 0.01% to 1.3500 against the US dollar.
• Immediate resistance is located at 1.3611(23.6%fib), any close above will push the pair towards 1.3642(Higher BB)
• Strong support is seen at 1.3423(38.2%fib) and break below could take the pair towards 1.3314(Lower BB).
Recommendation: Good to buy around 1.3480 with stop loss of 1.3400 and target price of 1.3700
