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GBP/USD Trades Off Highs Ahead of FOMC

GBP/USD Trades Off Highs Ahead of FOMC

2017-05-03 12:58:00
Walker England, Forex Trading Instructor
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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

GBP/USD Trades Off Highs Ahead of FOMC

(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

GBP/USD Trades Off Highs Ahead of FOMC

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

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