GBP/USD rallies, buoyed by UK's positive spring budget outlook and Powell's testimony on US economic strength.
UK Chancellor Hunt's budget reveals tax cuts and economic growth projections, boosting confidence in sterling's trajectory.
Despite mixed US job data, Powell's reassurances on inflation and economic growth support GBP/USD's upward movement.
The GBP/USD climbed 0.31% during the North American session and traded at 1.2746 after bouncing off daily lows of 1.2690. UK’s spring budget announcement and US Federal Reserve’s Chair Jerome Powell's testimony sponsored a leg-up in the pair, which is set to test the 1.2800 mark.
Edited 08 Mar 2024, 15:18
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