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.

Fundamentals:

USD:
– 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.

Technical Levels:

S: 1.2881 1.2926 1.2954
Pivot: 1.2999
R: 1.3044 1.3072 1.3117

Analysis:
– 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

GBPUSD Scalp

4 thoughts on “SCALP ALERT – GBPUSD awaits FOMC”

  1. only ingthend says:

    good piece of analysis. thanks sir

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