Today is the FOMC most important rate decision in years. The FED could lift rates, but in my opinion, chances for this are very slim; there is just too much risk involved. If they wanted to hike, then they should have done it a few months back, definitely, before the PBOC devalued their currency compared to the USD.
Technically speaking, we may see a first reaction against the buck today. On EURUSD hourly chart we see wave C up in progress, which can spike to a new high and complete wave (Y) of a complex correction around 1.1400. We will be looking for a bearish turn in that region.
EURUSD 1h Elliott Wave Analysis
GBPUSD is also looking for more gains after yesterday’s strong rally to 1.5530. Currently we see a price action within wave (iv) that could retrace back to the 1.5480 support area. A bounce can follow from there up to around 1.5560 to complete wave C.
GBPUSD 1h Elliott Wave Analysis