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Sterling (GBP) Price Rallies Against the US Dollar Ahead of FOMC Decision

Sterling (GBP) Price Rallies Against the US Dollar Ahead of FOMC Decision

2019-05-01 08:01:00
Nick Cawley, Strategist
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Sterling (GBP) Price, News and Latest Analysis

  • GBPUSD breaks the downtrend and may push further ahead.
  • All eyes on the Federal Reserve and Chair Powell’s post-decision commentary.

Q2 2019 GBP and USD Forecasts andTop Trading Opportunities

GBPUSD Price and Chart

Sterling continues yesterday’s push higher across a range of currencies and is nearly one-and-a-half cents higher against the US dollar and at a one-week high. The greenback has drifted lower ahead of tonight’s FOMC meeting with the market expecting that Fed Chair Jerome Powell’s post-decision commentary may have a decidedly dovish tone.

Sterling has been given a small boost in early trade on news reports that UK PM Theresa May is increasingly likely to cede ground to some of Labour’s demands in cross-party talks in a renewed effort to push Brexit through.

The daily chart shows that the downtrend off the March 13 high was broken and closed above yesterday, a bullish technical signal. Further positive sentiment could see GBPUSD stair-stepping higher to 1.3135 before the 38.2% Fibonacci retracement at 1.3177 comes into view. For the chart to turn bullish, the March 13 high at 1.3383 and the Fibonacci 50% level at 1.3406 need to be broken and closed above.

In the case of a turn lower, 1.2990 and 1.2960 should be closely watched – the downtrend and support line of the descending wedge – ahead of 1.2894, the 23.6% Fibonacci level.

GBPUSD Daily Price Chart (July 2018 – May 1, 2019)

Sterling (GBP) Price Rallies Against the US Dollar Ahead of FOMC Decision

Retail traders are 59.0% net-long GBPUSD according to the latest IG Client Sentiment Data. See how recent daily and weekly positional changes affect GBPUSD and currently give us a positive bias for GBPUSD.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling (GBP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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