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GBP/USD rallies in FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - GBP/USD is currently trading at 1.5365 with a high of 1.5373 and a low of 1.5259.

    GBP/USD is on the bid post the FOMC minutes where most participants are expecting a rate hike before 2015. However, it is apparent that the majority of members do not see the current conditions appropriate currently. The market has dumped the dollar and sterling is making ground, leaving the 20 SMA for dust at 1.5311.

    GBP/USD through 200 DMA

    Technically, we are now looking at a correction in the making should the price get on to the 1.54 handle with closes. The pair has made a decisive reversal from the vicinity of the 1.5137 level, with a dip that was bought into at the 50 SMA on the hourly at 1.5280. We are now through the 200 DMA which is also significant at 1.5319.
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