Pound Sterling Price News and Forecast: GBP/USD under bearish pressure ahead of Fed

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling under bearish pressure ahead of Fed

After posting gains to start the week, GBP/USD edges lower and trades in negative territory below 1.3350 in the European session on Wednesday as investors gear up for the Federal Reserve's (Fed) monetary policy announcements.

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GBP/USD expected to be between 1.3300 and 1.3400 – UOB Group

Pound Sterling (GBP) is likely to trade in a range vs US Dollar (USD), expected to be between 1.3300 and 1.3400. In the longer run, the current price movements are part of a 1.3240/1.3450 range-trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

24-HOUR VIEW: "Our view for GBP to trade with a downward bias yesterday was incorrect, as after dipping to a low of 1.3260, GBP soared, reaching a high of 1.3402. The subsequent pullback from the high amid overbought conditions suggests GBP is likely to trade in a range today, expected to be between 1.3300 and 1.3400." Read more...

GBP/USD – Strategic sell idea [Video]

Fake breakout of the consolidation and rejection of the Pitchfork Median Trend line. Read more...

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