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GBP/USD bounces off lows, erases daily losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD found support after briefly falling below the 1.4300 level and reversed intraday losses at the beginning of the American session as the dollar faces mild pressure ahead of the FOMC decision.

    Following yesterday’s impressive rally, GBP/USD edged lower during the European session and bottomed out at 1.4283 before quickly bouncing back to the 1.4345 zone. At time of writing, the pair is trading at 1.4330, still 0.13% below its opening price.

    Main focus remains on the Federal Reserve policy statement during the American afternoon, where the FOMC is expected to keep policy unchanged and play down prospects of further rate hikes given recent turbulence in capital markets.

    GBP/USD levels to watch

    On the upside, immediate resistances are seen at 1.4366 (Jan 26 high), 1.4400 (psychological level) and 1.4437 (20-day SMA). On the other hand, supports could be found at 1.4283 (Jan 27 low), 1.4172 (Jan 26 low) and 1.4078 (7-year low, Jan 21).

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