GBP/USD Technical Analysis: Cable bearishly configured below 1.3400 ahead of FOMC

  • GBP/USD has been gaining ground in a rising wedge shape for the most part of the day. The formation is potentially bearish. Cable has not been able to break above the 1.3400 resistance so far on Wednesday.
  • Investors are awaiting the FOMC rate decision at 18:30 GMT. Join the Fed Live Coverage - Today at 17:30 GMT, click here.

GBP/USD 15-minute chart

Spot rate:               1.3384
Relative change:    0.09%     
High:                      1.3390
Low:                       1.3308

Trend:                    Bearish below 1.3500

Resistance 1:        1.3400 figure
Resistance 2:        1.3590 daily 200-period simple moving average
Resistance 3:        1.3700 figure

Support 1:             1.3344, daily 10-period SMA
Support 2:             1.3300 figure
Support 3:             1.3254 June 1 swing low

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