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.
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