- Bears continue to guard 1.3180/85 barrier amid Brexit jitters and fresh USD buying.
- UK CBI September realized sales arrive at 23 vs 19 expected.
- Attention turns towards FOMC interest rate decision for fresh trading impetus.
The buying interest around the US dollar appears to gather pace, now pushing the GBP/USD pair back to test the midpoint of the 1.3150 level.
Focus on FOMC verdict
The greenback picked up a bid against a basket of major currencies heading into the mid-European session, as markets prefer to hold the US currency amid a looming Fed rate hike decision and upcoming trade talks between the US President Trump and Japanese PM Abe.
Meanwhile, a mixed tone seen on the European equities combined with no fresh Brexit headlines leaves the Cable at the mercy of the USD dynamics and risk sentiment.
The GBP markets shrugged-off upbeat UK CBI realized sales data, as the focus now shifts towards the US new home sales and Fed decision due later in the NA session.
GBP/USD Technical Levels
FXStreet’s Analyst Yohay Elam, noted: “Support awaits at the round number of 1.3100 which supported the pair earlier in the week. 1.3055 was the low point on Friday and provides further support. 1.2980 was a trough in mid-September. It is followed by the gap line of 1.2940 recorded in early September. Resistance is at 1.3195 that held cable down on Tuesday. 1.3225 provided support to the GBP/USD when it traded on high ground. 1.3300 was the high point last week.”
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