GBP/USD continues its winning streak for the fifth consecutive day, trading around 1.3190 during the Asian hours on Wednesday. Traders await the UK Chancellor of the Exchequer, Rachel Reeves, to deliver the Autumn Budget later in the day.
Downward momentum has faded; Pound Sterling (GBP) is likely to trade in a range between 1.3040 and 1.3165, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The Pound Sterling (GBP) falls sharply against its major currency peers on Tuesday. The British currency weakens as the United Kingdom (UK) labour market data for the three months ending September has signaled that job market conditions have deteriorated further.