GBP/USD
Cable rose to new 32-month high in early Wednesday's trading, extending Tuesday's 0.5% advance on revived risk mode.
Fresh strength broke above last week's new high at 1.3745 and eyes targets at 1.3772 (May 2018 high) and 1.3800 (round-figure), but more evidence is required to confirm final break above 1.37 zone after several failures.
Daily technical studies support the action as moving averages are in full bullish setup and positive momentum is rising.
Fed policy meeting is key event today, with wide expectations that chief Powell will renew a commitment to ultra-easy policy that would push the dollar down and fuel risk sentiment. Initial supports lay at 1.3711/00 (5DMA/round-figure) guarding more significant 10DMA (1.3668).
Res: 1.3758; 1.3772; 1.3800; 1.3830
Sup: 1.3700; 1.3668; 1.3635; 1.3609
Interested in GBP/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD meets support around 1.0650
EUR/USD managed to surpass the key 1.0700 barrier in response to the intense retracement in the US Dollar in the wake of the Fed’s interest rate decision and Chair Powell’s press conference.
Gold surpasses $2,300 as Dollar tumbles
The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
Bitcoin price reclaims $59K as Fed leaves rates unchanged
The market was at the edge of its seat on Wednesday to see whether the US Federal Reserve (Fed) would cut interest rates during the Federal Open Market Committee (FOMC) meeting.
The market welcomes the Fed's statement
The market has welcomed the Fed statement, and the S&P 500 is higher in its aftermath, the dollar is lower and Treasury yields are falling. There is still only one cut priced in by the Fed.