GBPUSD Can't Crack $1.5660/1.5700 Pre-FOMC
GBPUSD is finding intraday resistance in a familiar region once again, at $1.5660/1.5700, which has served as dynamic support/resistance since the last week of June. With the FOMC due later today, price is likely to remain noncommittal to a break higher through this region; and in context of price remaining below the April-June uptrend, rejection from this region today (perhaps indicated by an H4 engulfing/key reversal bar) would suggest weakness into last week's lows near $1.5465 by week's end. The path higher may be less likely to see extended gains barring price retaking the April-June trendline, which would require a weekly close of $1.5830/50 or higher.
Factoring in fundamental trends regarding central bank policy, the recent price range over the past three months seems poised to persist, with $1.5000 support/1.6000 resistance to hold for the rest of 2015.
Factoring in fundamental trends regarding central bank policy, the recent price range over the past three months seems poised to persist, with $1.5000 support/1.6000 resistance to hold for the rest of 2015.
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