GBP/USD broke above its consolidating narrow trading range of 1.2990 – 1.1240 after major event FOMC & FED rate decision. Trade is still active, drag your stop loss to breakeven or even above.
You can also close positions at initial take profit levels. Its all up to you.
– 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.
So it happened, GBPUSD is bullish after unchanged rate guys..
– FED Interest Rate decision (They kept rate unchanged 0.50%)
– FOMC Press Conference (2016 rate hike is still likely)
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(Achieved)/ 1.3080/1.3140