Home GBP/USD technical analysis: Cable clings to daily gains above 1.2210 ahead of FOMC
FXStreet News

GBP/USD technical analysis: Cable clings to daily gains above 1.2210 ahead of FOMC

  • GBP/USD is currently pulling back up and correcting the Boris Johnson-inspired selloff.  
  • Support is now seen at 1.2210, 1.2190 and 1.2165 levels.
  • The FOMC at 18:00 GMT can lead to high volatility on the Cable.
 

GBP/USD daily chart

 
 
 
Cable is correcting the losses triggered by UK PM Boris Johnson in the early part of the week. A no-deal Brexit sent the Pound down across the board. Later on this Wednesday at 18:00 GMT, the FOMC meeting can spark high volatility. The Federal Reserve is widely expected to cut 25 bps. The market will pay close attention to Fed’s Chairman Powell comments at 18:30 during the press conference.
 
 

GBP/USD 4-hour chart

 
GBP/USD is trading above 1.2216 resistance and Wednesday high. The correction up could extend towards 1.2266 and 1.2291, according to the Technical Confluences Indicator.
 
 

GBP/USD 30-minute chart

 
Cable is above the 50/100 SMAs, suggesting a pullback up in the short term. Support can be located at 1.2210, 1.2190, 1.2165, 1.2133 and 1.2100 according to the Technical Confluences Indicator.  
 
 

Additional key levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.