OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD gathers momentum and hits fresh highs

FXStreet (Córdoba) - GBP/USD rallied sharply to fresh daily highs at the beginning of the New York session amid broad USD weakness ahead of the FOMC decision.

The dollar came under pressure across the board as investors are betting for a dovish Fed statement. As for GBP/USD, failure to break below the 1.61 mark triggered profit taking of shorts and sent the pair to a fresh daily high of 1.6156 in recent dealings.

It remains to be seen whether the pound could sustain gains ahead of the Fed decision. At time of writing, the pair is trading 1.6150, recording a 0.13% increase on the day.

GBP/USD levels to watch

As for technical levels, immediate resistances line up at 1.6181/83 (Oct 28 & 21 highs) and 1.6200 (psychological level), while supports are seen at 1.6102/00 (intraday low/psychological level) and 1.6087 (Oct 28 low).

EUR/USD stands sidelined ahead of the Fed - FXStreet

FXStreet Chief Analyst Valeria Bednarik notes that the direction for EUR/USD in the nearest future depends on the outcome of the Fed's monetary policy meeting.
Read more Previous

USD/JPY pressuring 108.20 price zone - FXStreet

FXStreet Chief Analyst Valeria Bednarik points out that USD/JPY is trading slightly below 108.20 level on Wednesday.
Read more Next
Start livechat