GBP/USD price attempts to gain but falters by 1.3700 stiff resistance. The Evergrande concerns lend support to the safe have US dollar. Market participants await FOMC and BoE meetings to find directional bias for the Sterling. The GBP/USD price hit a new high around 1.3690 in the European session. However, the pair is struggling to gain further during the New York session. The GBP/USD pair is at 1.3664, up 0.13% on Tuesday at the time of writing. -Are you looking for the best CFD broker? Check our detailed guide- During the first half of Tuesday’s trading, the pair could halt part of its decline to 4-week lows. The rally ended a three-day losing streak for the GBP/USD pair and fueled extremely moderate US dollar weakness. Safe-haven demand may have declined due to risk dynamics, as evident by the strong recovery of equity markets. However, the possibility of a China Evergrande default may dampen market expectations for a Fed tapering shortly. The Fed is increasingly expected to start withdrawing its massive stimulus package started during the pandemic sooner or later. This will provide tailwinds for the US dollar and cap the gains in the GBP/USD, so bulls need to be wary. No major economic data will be released in the UK in the coming days, so price dynamics in US dollars will continue to dominate the GBP/USD dynamics. Therefore, before positioning for further gains, it is also advisable to wait for a few subsequent buys above 1.3700. Get FREE Forex Signals Now! Investors continue to focus on the outcome of the FOMC’s two-day monetary policy meeting to learn about the Fed’s asset purchase tapering plan. On Thursday, investors will also be interested in the latest policy update from the Bank of England. Several major announcements from the central bank will determine the direction of the GBP/USD pair. GBP/USD price technical analysis: 1.3700 to block the bulls GBP/USD 4-hour price chart The GBP/USD price attempts to rise towards the 1.3700 area but finds strong rejection, shedding off most gains. However, the volume rises with the price rise, while the decline comes with a declining volume. It indicates that the price is willing to gain provided the market catalyst keep favoring the Sterling bulls. -Are you looking for forex robots? Check our detailed guide- The average daily range for the pair is 62% so far, which is quite low as we have already been in the New York session. It indicates that the market participants are eagerly waiting for FOMC. The price is well below the 20-period SMA on the 4-hour chart. The bias remains bearish as long as the price stays below the 1.3700 and 1.3724 (20-period SMA) support zone. On the downside, the price may test the 4-week lows at 1.3640 ahead of 1.3600. Looking to trade forex now? Invest at eToro! Trade Forex Now! 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Solana bounces-off +4.94% as double bottom pattern underpins at $131 Ali B. 1 year GBP/USD price attempts to gain but falters by 1.3700 stiff resistance. The Evergrande concerns lend support to the safe have US dollar. Market participants await FOMC and BoE meetings to find directional bias for the Sterling. The GBP/USD price hit a new high around 1.3690 in the European session. However, the pair is struggling to gain further during the New York session. The GBP/USD pair is at 1.3664, up 0.13% on Tuesday at the time of writing. -Are you looking for the best CFD broker? Check our detailed guide- During the first half of Tuesday's trading, the pair could halt… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.