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  • The FOMC Minutes will be released at 18:00 GMT this Wednesday. No fireworks are expected according to analysts, however, volatility can always be around the corner on such news events.
  • GBP/USD is erasing its intraday losses however buyers would need to bring the currency pair above 1.2800 to create any meaningful recovery.

GBP/USD daily chart

GBP/USD has been under strong selling pressure in the last weeks.  

GBP/USD 4-hour chart

GBP/USD is trading below its main simple moving averages suggesting bearish momentum in the near term.  

GBP/USD 30-minute chart

GBP/USD is trading below its main SMAs suggesting a bearish bias in the short term. If sellers overcome the 1.2625 support they could continue the downtrend towards 1.2550 and 1.2500 the figure. On the flip side, if the market breaks the 1.2700 figure a move up towards 1.2750 can be on the cards. Further up, resistances are seen at 1.2800 and 1.2875 levels.  

Additional key levels