31 Jul 2019
GBP/USD technical analysis: Cable clings to daily gains above 1.2210 ahead of FOMC
- GBP/USD is currently pulling back up and correcting the Boris Johnson-inspired selloff.
- Support is now seen at 1.2210, 1.2190 and 1.2165 levels.
- The FOMC at 18:00 GMT can lead to high volatility on the Cable.
GBP/USD daily chart
Cable is correcting the losses triggered by UK PM Boris Johnson in the early part of the week. A no-deal Brexit sent the Pound down across the board. Later on this Wednesday at 18:00 GMT, the FOMC meeting can spark high volatility. The Federal Reserve is widely expected to cut 25 bps. The market will pay close attention to Fed’s Chairman Powell comments at 18:30 during the press conference.
GBP/USD 4-hour chart
GBP/USD is trading above 1.2216 resistance and Wednesday high. The correction up could extend towards 1.2266 and 1.2291, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
Cable is above the 50/100 SMAs, suggesting a pullback up in the short term. Support can be located at 1.2210, 1.2190, 1.2165, 1.2133 and 1.2100 according to the Technical Confluences Indicator.
Additional key levels