• GBP/USD steadied around 1.2950 level on Tuesday as investors awaited this week's UK budget update.
• UK Finance Minister Rachel Reeves will unveil a half-yearly budget update on Wednesday, with investors watching for its market implications.
• Reeves is set to announce a sharp downgrade to the UK's economic growth on Wednesday, which, coupled with rising borrowing costs, may compel her to scale back planned spending increases in the coming years..
• At GMT 11:35, the pair was trading up 0.24 percent at 1.2953
• Immediate resistance is located at 1.3004( 23.6%fib), any close above will push the pair towards 1.3105(Higher BB)
• Strong support is seen at 1.2890 (38.2%fib) and break below could take the pair towards 1.2796(50%fib).
Recommendation: Good to buy around 1.2940, with stop loss of 1.2880 and target price of 1.3000
