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GBP/USD is under pressure, but near-term increasingly oversold.

The pair has fallen to 1.3205 in midweek trade, the lowest level since August 01, amidst a broader pound sterling selloff linked to falling UK bond yields and expectations for a significant fiscal tightening.

The pound is under the hammer amidst warnings the UK government will have to consolidate finances to the tune of at least £30BN , largely through tax increases.

This should 1) slow the economy (not good for the pound) and 2) help limit inflation (good for consumers and helpful for the Bank of England).

This theoretically creates more leeway for the Bank of England to cut interest rates and is why UK

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