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Forex: GBP/USD pares gains to trade at 1.5128/31

FXstreet.com (Barcelona) - The GBP/USD has careened off the 1.5188 (intraday maximum) level Wednesday during US trading, ahead of the Fed interest rate decision at 18:00 GMT. The recent weakness of the pair has led to a paring of the majority of gains, though the cross still operates in positive territory up +0.23%. In these moments the GBP/USD has settled at 1.5128/31, after a fall back below its first resistance.

“The GBP/USD retested key resistance of the downside move that was breached earlier and turned to support, as it rebounded sharply now to the upside. The positive expectations are still valid and prolonged stability above the 1.5080 level supports the upside move.” notes the ICN.com analyst team.

Mataf.net analysts calculate the next resistances at 1.5141, onto 1.5178, and finally 1.5212. Should the pair ultimately reverse course and break lower, the GBP/USD is slated to meet support at 1.507, ahead of 1.5036, and finally 1.4999.

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