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GBP/USD – Bullish divergence, but rejected at hourly 50-MA

FX:GBPUSD   British Pound / U.S. Dollar
Despite pair’s recovery from the low of 1.2946 on the back of the bullish price RSI divergence on the hourly and 4-hour chart, the subsequent failure at the hourly 50-MA and a retreat to 1.2980 suggests the spot is likely to consolidate heading in to the FOMC release.

Hawkish Fed could force the spot well below 1.2865 (Aug 15 low). On the other hand, neutral Fed would add credence to the bullish divergence and open doors for a corrective move to 1.31 handle.
Tough call, gain 200+ pips or lose 200+ pips, do you have an open position?
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Better to stay on sidelines. Purely going by charts there is a possibility of a technical correction ... courtesy of bullish divergence
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