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GBP/USD finds support at 50% Fibo ahead of Fed

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4533, 1.4480, 1.4474

Support – 1.4578, 1.4617-1.4636

Cable’s bearish break from rising channel on hourly timeframe led to a drop to hourly 50-MA as anticipated earlier today. Spot found support at 1.4533 (50% of 1.4669-1.3835).

Stage is set for a drop further to rising trend line support at 1.4480-1.4474 if Fed turns hawkish.

Note – Neutral assessment of risks to US economic outlook is likely to be read as hawkish.

On the higher side, fresh buying is likely to be seen above 1.4636 levels.

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