UK pound is hovering near a one-month high during the European session on Wednesday ahead of the United Kingdoms 2024 budget statement. Moreover, dollar decline ahead of Powells testimony to the congress later in the global day is also supporting gains in GBPUSD. The pair is currently quoting at $1.2732, up 0.22% on the day and its highest level in almost a month. The 2024 budget statement is expected to present economic forecasts, fiscal stimulus measures, and borrowing outlook for UK. Meanwhile, at 49.7 in February, up from 48.8 in January, the headline S&P Global UK Construction Purchasing Managers Index (PMI) a seasonally adjusted index tracking changes in total industry activity registered its highest level since August 2023 and was only fractionally below the neutral 50.0 threshold. On the NSE, GBPINR futures are trading at 105.40, up 0.18% on the day.