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Pair Inches to Best Levels of the Session Ahead of the Fed

GBP
  • GBP/USD inching to new daily highs through the London close, with 1.2937 day's best level a few hours out from the Fed decision.
  • Modest rally has stopped short so far of any test of meaningful resistance, which keeps the short-term outlook bearish for now. Initial firm resistance is at 1.2965, the Jul 20 high, a level that could come into play should any dovish themes or USD weakness play out across the Fed.
  • On any return lower, the 50-day EMA support crosses at 1.2726. The base of the bull channel drawn from the Mar 8 low at 1.2693 represents a key trend support.
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