• GBP/USD fell sharply on Wednesday as dollar rose strongly on US presidential election results.
• The dollar was supercharged during the overnight session as vote tallies increasingly pointed to a comeback win for the former president.
• Later in the day, the Federal Reserve will start its two-day meeting where the central bank is expected to ease benchmark interest rate by 25 basis points.
• Immediate resistance is located at 1.2894( 50%fib), any close above will push the pair towards 1.2993(61.8%fib)
• Strong support is seen at 1.2802(38.2%fib) and break below could take the pair towards 1.2748(Aug 12th low).
Recommendation: Good to sell around 1.2900 , with stop loss of 1.2980 and target price of 1.2820
