• GBP/USD dipped on Wednesday as dollar firmed as investors focused on the Fed’s monetary policy decision.
•The central bank is widely expected to keep rates steady after 100 basis points of easing last year.
• Investors are closely watching Chair Jerome Powell's speech for hints on the future direction of interest rates as the Fed concludes its first policy meeting of the year today.
• Markets will also focus on Friday's U.S. December personal consumption expenditures data, a key inflation gauge.
• Immediate resistance is located at 1.2532(50%fib), any close above will push the pair towards 1.2579(Jan 7th high)
• Strong support is seen at 1.2369(38.2%fib) and break below could take the pair towards 1.2140(23.6%fib).
Recommendation: Good to sell to around 1.2430, with stop loss of 1.2500 and target price of 1.2350
