CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

GBPUSD jumps to 2-week high after BBC report

06:15 3 October 2022

GBPUSD is on the move this morning, following a BBC report. BBC reported that a plan of cutting tax rate for high earners from 45% to 40% may be scrapped altogether. Idea of including tax cuts for high earners in an enormous tax cut plan that does not have financing has drawn public and insider backlash. Earlier, Telegraph reported that Tory MPs rebelled against UK Prime Minister Truss, threatening they won't vote on a planned cut to 45% tax rate until sources of financing are presented in the next budget (November 23, 2022). However, report from BBC hints that whole idea of a tax cut for high earners may be dropped.

GBPUSD broke above the resistance zone marked with 61.8% retracement of the downward impulse launched on September 13, 2022. Pair is trading at 2-week highs and above levels from the 'mini-budget' announcement that triggered a slump in GBP and UK bonds.

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Source: xStation5

Please be aware that the presented data refers to the past performance data and as such is not a reliable indicator of future performance.

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