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29 Jul 2015
GBP/USD trims daily gains ahead of FOMC
FXStreet (Córdoba) - GBP/USD has retraced intraday gains over the last hours as the dollar gathers pace ahead of the Federal Reserve monetary policy decision.
GBP/USD turned lower after hitting a 4-week peak of 1.5689, erasing almost completely its intraday gains before finding support at the 1.5610 zone. At time of writing, Cable was trading at 1.5625, still 0.08% above its opening price.
All eyes turn now to the Federal Reserve monetary policy decision due at 18:00GMT for cues about a potential rate hike as early as in September.
GBP/USD levels to watch
As for technical levels, immediate resistance is seen at 1.5700 (psychological level) and 1.5730 (Jul 1 high). On the other hand, supports could be faced at 1.5587 (Jul 29 low), 1.5525 (Jul 28 low) and 1.5490 (Jul 27 low).
Trade the Fed FOMC meeting with Bednarik and Carrillo - Live Coverage
GBP/USD turned lower after hitting a 4-week peak of 1.5689, erasing almost completely its intraday gains before finding support at the 1.5610 zone. At time of writing, Cable was trading at 1.5625, still 0.08% above its opening price.
All eyes turn now to the Federal Reserve monetary policy decision due at 18:00GMT for cues about a potential rate hike as early as in September.
GBP/USD levels to watch
As for technical levels, immediate resistance is seen at 1.5700 (psychological level) and 1.5730 (Jul 1 high). On the other hand, supports could be faced at 1.5587 (Jul 29 low), 1.5525 (Jul 28 low) and 1.5490 (Jul 27 low).
Trade the Fed FOMC meeting with Bednarik and Carrillo - Live Coverage