CVecchioFX3e

GBPUSD Can't Crack $1.5660/1.5700 Pre-FOMC

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD is finding intraday resistance in a familiar region once again, at $1.5660/1.5700, which has served as dynamic support/resistance since the last week of June. With the FOMC due later today, price is likely to remain noncommittal to a break higher through this region; and in context of price remaining below the April-June uptrend, rejection from this region today (perhaps indicated by an H4 engulfing/key reversal bar) would suggest weakness into last week's lows near $1.5465 by week's end. The path higher may be less likely to see extended gains barring price retaking the April-June trendline , which would require a weekly close of $1.5830/50 or higher.

Factoring in fundamental trends regarding central bank policy, the recent price range over the past three months seems poised to persist, with $1.5000 support/1.6000 resistance to hold for the rest of 2015.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out