Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
GBP/USD: key technical levels
Information is not investment advice
GBP/USD is having a third bullish week in a row. The pair has reached our previous buy target at 1.25 and may be up for more given its clear attempt to form a base around 1.20 and the previous break above 1.23. In the short-term, the pair may test lower levels as there's bearish divergence on the H4. The key level for the upside is 1.25 (100-day MA, previous week's highs): the decline there may attract new buyers that will aim at 1.2700/30. If, however, GBP/USD slides below 1.2490, it will be the time for selling with targets at 1.2440 and 1.2390.
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The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
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