GBPUSD jumps to 2-week high after BBC report

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.

Source: xStation5

8 May 2026, 4:55 PM

🔴 Three markets to watch next week: EURUSD, CH50cash, OIL (08.05.2026)

8 May 2026, 1:30 PM

BREAKING: US Labor Market Stronger Than Expected, While Wage Pressure Eases. EURUSD gains!🚨

8 May 2026, 11:59 AM

📈 EURUSD up 0.4% before the NFP

8 May 2026, 7:02 AM

Morning wrap: Indices climb despite shots fired in the Strait of Hormuz 📈 💥

Forex

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days