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FxWirePro: GBP/USD biased higher but rally currently stretched 
- Gold drifted lower in Asian session on account of Fed meeting to be held today and tomorrow. The yellow metal hits low of $1262 and it is currently trading around $1266.
- Fed is expected to raise its federal funds target to between 1% and 1.25% from 0.75% and 1% after the conclusion of two day meeting on Wednesday. Investors will pay close attention to the press conference for the clues of reduction in $4.5 trillion balance sheet.
- In the 4 hours chart , gold’s near term support is around $1266 (21 EMA) and break below will drag the commodity down till $1249 (89 day EMA)/$1241 (200- MA).
- On the higher side, minor resistance is around $1274 (- 4H EMA) will take the commodity to next level till $1296/$1310.
It is good to sell on rallies around $1270 with SL around $1277 for the TP of $1256.
