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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

Nick Cawley, Strategist

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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