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GBP/USD stable at 1.5020 before FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - GBP/USD is currently spot 1.5020 with a high of 1.5059 and low of 1.4983.

    GBP/USD is consolidated between 1.5000 and 1.5050 in the pre FOMC market as we await the outcome as to know what decision the Fed has chosen and how 2016 will be looking in respect to subsequent action from the Fed.

    A Fed hike is somewhat priced in, as the market has this event as a now or never situation as explained by Valeria Bednarik, chief analyst at FXStreet in her report, FOMC meeting: it's now or never.

    The price had otherwise been in a strong downward trend from above 1.5200 and correcting December's rally from a few pips below 1.4900. There lies the near term range and the scope for a breakout either way depending on the outcome of today's, no, this week's, no, this year's, no, this decade's most key event.

    GBP/USD levels

    Technically, the range is wide with the 55 SMA on the hourly chart at the pivot at 1.5084 and at approx 50% of December's range. With spot at 1.5020, resistance on the wide is 1.5187 (R3) and support on the wide at 1.4878 (S1)..
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