- US dollar mixed ahead of Fed’s decision.
- GBP/USD retreats on Wednesday, still looking bullish.
The GBP/USD printed a fresh daily low during the American session at 1.3843 and then rebounded rising back to the 1.3870 area, near the level it closed on Tuesday. Market participants await the outcome of the two-day FOMC meeting.
The rally of GBP/USD found resistance at the 1.3900 barrier and pulled back. Despite the bearish correction to 1.3840/45, the short-term bias still point to the upside. The pound needs to break the 1.3900 level to clear the way to more gains.
Price action remains limited ahead of the FOMC statement. In Wall Street, stocks area mixed and US yields are modestly higher, offering some support to the greenback. The DXY is up 0.10%, at 92.55.
At 18:00 GMT the Federal Reserve will release its statement. No change is expected. The tone of the central bank will be watched closely for clues about the future. Analysts at BBH expect a modestly hawkish hold, “as the Fed is likely to acknowledge ongoing inflation risks and continues with its discussions of tapering. Tapering could be mentioned in the official statement, which would be a very hawkish surprise.” There won’t be new macroeconomic forecasts.
|Today last price||1.3869|
|Today Daily Change||-0.0010|
|Today Daily Change %||-0.07|
|Today daily open||1.3879|
|Previous Daily High||1.3894|
|Previous Daily Low||1.3767|
|Previous Weekly High||1.3787|
|Previous Weekly Low||1.3572|
|Previous Monthly High||1.4249|
|Previous Monthly Low||1.3787|
|Daily Fibonacci 38.2%||1.3846|
|Daily Fibonacci 61.8%||1.3816|
|Daily Pivot Point S1||1.3799|
|Daily Pivot Point S2||1.3719|
|Daily Pivot Point S3||1.3672|
|Daily Pivot Point R1||1.3927|
|Daily Pivot Point R2||1.3974|
|Daily Pivot Point R3||1.4054|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.