GBP/USD faces challenges as the US Dollar appreciates amidmarket caution ahead of the US presidential elections. The latest Reuters/Ipsos poll indicates that Harris holds a narrow lead at 46% compared to Trump's 43%. UK's budget features £40 billion in tax increases designed to address public finance shortfalls and support funding for public services.
It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England .
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