GBPUSD KEY TECHNICALS AHEAD OF THE FED
The GBPUSD pair is currently short term bearish and medium bullish ahead of this evening Federal Reserves Interest rate decision and policy statement.
Technically the pair retains a short-term bearish outlook whilst trading below 1.2740-1.2750 region, with price currently below all short term moving average indicators.
In the medium term, the pair retains a bullish outlook whilst trading above the daily 200 period moving average at 1.2523, only once below this level will traders turn fully bearish on the pair.
Key technical levels to the upside remain the 1.2787 level and the monthly pivot point at 1.2897, with the 1.2840 the interim resistance point between these two key levels.
The downside becomes interesting for GBPUSD, with heavy losses expected below the weekly pivot point at 1.2695, with price gravitating towards 1.2665 support and the weekly time frame 20 period moving average at 1.2619.