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Forex News: Pound Climbs As U.K. Treasury Delays Budget Plan

Pound Climbs As U.K. Treasury Delays Budget Plan

10/26/2022 - 10:34:00 (RTTNews)

(RTTNews) - The pound appreciated against its most major counterparts in European deals on Wednesday, as the U.K. treasury has postponed an eagerly awaited budget plan to November 17 in order to restore economic credibility, after the mini-budget rattled the bond market.

The medium-term fiscal plan, which had been scheduled for October 31, would be delivered on November 17 as a full Autumn Statement.

Finance minister Jeremy Hunt is expected to outline how he will cover a budget shortfall of 40 billion pounds.

Hunt said that the plan would see UK debt "falling over the medium term".

Rishi Sunak, who assumed charge as the new Prime Minister on Tuesday, said the government's mission is to restore economic stability and confidence.

The pound climbed to 1.1620 against the dollar, its highest level since September 13. On the upside, 1.22 is possibly seen as its next resistance level.

The GBP/CHF pair touched more than a 2-month high of 1.1475. The pound is seen finding resistance around the 1.16 region.

The pound was up against the euro, at an 8-day high of 0.8646. The pound is likely to face resistance around the 0.84 region, if it gains again.

The pound strengthened to a 6-1/2-year high of 170.60 against the yen at 4:55 am ET, but it has since eased to 169.59.

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