Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
GBP/USD Trades Off Highs Ahead of FOMC

GBP/USD Trades Off Highs Ahead of FOMC

Walker England, Forex Trading Instructor

Talking Points:

The GBP/USD remains off of its yearly highs at 1.2965, as traders await this afternoons FOMC rate decision. Expectations for today’s event are set to see the FOMC leave rates flat at 1.00%. Despite expectations remaining flat, traders should remember that this high importance event has the ability to add increased volatility to US Dollar based pairs.

Technically the GBP/USD has made little progress this week, mostly consolidating near the key 1.2900 level. Traders should note that the pair is trending in a short term uptrend however, and remains supported by its 10 day EMA (exponential moving average) at 1.2873. If the US Dollar sells off later today, traders may look for a bullish continuation for the GBP/USD over the 2017 high at 1.2965. Alternatively if the US Dollar begins to rally, traders may look for a bearish reversal for the GBP/USD below the 10 day EMA.

GBP/USD, Daily Chart with averages

(Created Using IG Charts)

Intraday analysis for the GBP/USD has the pair trading currently at its daily central pivot at 1.2915. Prices have already bounced from areas of support earlier in the session, and if prices continue to rise next resistance may be found at the R1 pivot at 1.2966. Today’s R1 pivot stands a new yearly high for the GBP/USD, and a broader bullish breakout may then expose both the R2 and R3 pivots found at 1.2993 and 1.3044 respectfully.

In the event of a bearish reversal, traders should first look for the pair to trade back below the previously mentioned central pivot. This would then expose support at the S1 pivot at a price of 1.2888. Prices have already bounced from this line of support once in today’s trading. If prices do break through this point of intraday support, it will next expose the S2 pivot found at 1.2837.

GBP/USD, 30 Minute Chart with Pivots

(Created Using IG Charts)

--- Written by Walker, Analyst for

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.