The GBP/USD exchange rate experienced a test near 1.2900 on Tuesday, recovering to 1.2940 amid concerns over the US economy and approaching budget tensions. Analysts at Scotiabank note that the current tone remains positive; however, a significant break below the mid-1.29s could signal a near-term trend towards recent resistance near 1.3020. Given the circumstances surrounding the budget statement, traders should consider both short-term volatility and longer-term strategic positioning. Active engagement in the market requires attention to these signals for informed decision-making. Monitoring economic announcements can illuminate potential fluctuations affecting GBP/USD trading outcomes.