GBP/USD Technical Analysis: Cable tanks 60 pips as Fed hikes rates, next target 1.3300 key support

  • GBP/USD fell 60 pips from the 1.1800 resistance as the FOMC decided to raise the target for Fed funds rate by 25bp.
  • Technically GBP/USD is still trading in the tight range of the last few days. Bears objective is to breakout below the 1.3300 key support level in order to target 1.3200 which is the low of 2018.  

GBP/USD 15-minute chart

Spot rate:               1.3329
Relative change:    -0.34%     
High:                      1.3390
Low:                       1.3308

Trend:                    Bearish below 1.3400

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 key support
Support 3:             1.3254 June 1 swing low

 

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