Although initially the Pound was hit by first lines of the budget announcement, the subsequent revelation of details changed the sentiment lifted the rate to the weekly R1 at 1.3300, as expected. A release of the Fed Meeting Minutes only deepened the surge and pushed the rate to October high at 1.3338, as markets concentrated on traditional concerns over inflation and uncertainty about interest rate hikes next year. During this trading session the pair is projected to move in southern direction not only because the upside momentum came to an end but also because it made a rebound from the upper edge of still active junior ascending channel. Even though today the UK will release its Second Estimate GDP no substantial volatility is expected due to upcoming holidays in the United States.
