GBP/USD finds support at 50% Fibo ahead of Fed
Resistance – 1.4533, 1.4480, 1.4474
Support – 1.4578, 1.4617-1.4636
Cable’s bearish break from rising channel on hourly timeframe led to a drop to hourly 50-MA as anticipated earlier today. Spot found support at 1.4533 (50% of 1.4669-1.3835).
Stage is set for a drop further to rising trend line support at 1.4480-1.4474 if Fed turns hawkish.
Note – Neutral assessment of risks to US economic outlook is likely to be read as hawkish.
On the higher side, fresh buying is likely to be seen above 1.4636 levels.
Support – 1.4578, 1.4617-1.4636
Cable’s bearish break from rising channel on hourly timeframe led to a drop to hourly 50-MA as anticipated earlier today. Spot found support at 1.4533 (50% of 1.4669-1.3835).
Stage is set for a drop further to rising trend line support at 1.4480-1.4474 if Fed turns hawkish.
Note – Neutral assessment of risks to US economic outlook is likely to be read as hawkish.
On the higher side, fresh buying is likely to be seen above 1.4636 levels.
