GBP/USD remains limited after FED minutes

FXStreet (Córdoba) - GBP/USD rose after the release of the FOMC minutes from the latest meeting where most members view as appropriate to raise rates in December. The pair peaked at 1.5242, below daily highs and then pulled back. It was trading at 1.5220/25, modestly higher for the day.

The minutes kept the door open for a December rate hike but were not explicit about that action. According to the document the decision will depend on data. Greenback dropped across the board with limited losses. Among European currencies, the euro was the most beneficiated after the minutes and pushed EUR/GBP off daily lows.

GBP/USD range continues

The pair continues to move sideways in the short term without a clear direction. The minutes failed to pushed the pair away from the 1.5180 – 1.5220 area. GBP/USD continues to move sideways, still expecting a breakout that could open the doors for another bullish correction or expose November lows and the 1.50 zone.

Cable is about to post the sixth daily close in a row between 1.5200 and 1.5235. That level is located below the daily 20-MA that stands at 1.5265; a significant close on top could give support to the pound for and extension for the recovery from 1.5020/25 (Nov lows).