GBP/USD is consolidating in narrow trading range of 1.2990 – 1.1240 before major event FOMC & FED rate decision that is due in 45 mins
Volatility is still low, as traders are waiting for FED Rate decision and we are likely to experience very high volatility.
– FOMC Statement
– FED Interest Rate decision (They are likely to keep it unchanged 0.50%)
– FOMC Press Conference (Look for any clues about rate hike, I am expecting dovish tone)
The Unchanged rate at 0.50% is likely to weaken USD, causing buy in GBPUSD.
S: 1.2881 1.2926 1.2954
R: 1.3044 1.3072 1.3117
– Breakage of resistance @ 1.2990 is likely to lead market towards 1.3080.
– Breakage below 1.2940 is likely to lead market to 1.2875
Recommendation: Good to Buy Above 1.3000 SL: 1.2975
TP: 1.3040/ 1.3080/1.3140