- Neutral stance in FOMC
- GBP/USD rejected key level
Price Movement
Since Monday, GBP/USD moved up by around 160pips before moving back down by around 60pips.
Trend
GBP/USD is ranging across.
Important Issue
This morning, the Federal Reserve kept U.S. interest rate unchanged at 2.5%.
During the press conference, Fed Chair Jerome Powell said that “We do think our policy stance is appropriate right now, we don’t see a strong case for moving in either direction”, lowering the possibility of rate cut as speculated by some for the time being.
Despite a below 2% overall inflation on a 12-month basis, Powell considers this situation to be temporary and likely to revert.
Technical
This morning, GBP/USD tested and rejected the 1.31 key level.
Price Levels
Current Price: 1.30443
Next Resistance: 1.31675
Next Support: 1.30000