FX:GBPUSD   British Pound / U.S. Dollar
140 0 1
"If the Fed sounds too dovish a chord, they'll lose the option to raise rates in March. If the Fed isn't so dovish, it's likely US yields will rise, and the dollar will strengthen."
- Sumitomo Mitsui Banking (based on Business Recorder)

Pair's Outlook
The British currency was able to recover from daily losses and end the day with a rally, with a six-week down-trend getting breached. Nevertheless, the immediate resistance was not reached, demand around which, around 1.4415, remains strong. Meanwhile, the closest support is still represented by the weekly PP             , but the exchange rate is expected to drop lower if the Fed's statement turns out to be hawkish today. Technical indicators also suggest a decline is due, but the Cable has the potential to touch the 1.45 level.

Traders' Sentiment
Bull lost some numbers today, as 61% of all open positions are long, compared to 65% of Tuesday. At the same time, the portion of purchase orders lost eight percentage points, falling to 58%.
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