GBP/USD: Selling pressure on Cable has stabilised [Video]

Richard Perry Independent Analyst

GBP/USD

Coming into the Fed meeting today, we see Cable once more at a key crossroads. Overhead resistance is a key barrier this morning. Initially the trendlines, with a confluence resistance of a two week downtrend and the underside of the old six month uptrend coming in around 1.2900/1.2930. Just overhead sits the key medium term overhead supply starting around 1.2980. There has been a notable improvement in the daily candlesticks in the past few sessions coming into the FOMC meeting, as the selling pressure on Cable has stabilised. However, given the breakdown of the six month uptrend, we see a far less positive medium term outlook now. A failure to recover back into the 1.30s will sustain what we see as a neutral outlook between 1.2650/1.3000. Expect elevated volatility today and how Cable sits when the dust settles will be key.

Author

Richard Perry

Independent Analyst

Richard Perry, Independent Market Analyst, has over 20 years of experience working in financial markets in London.

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