FxWirePro: Trend line break weighs on pound ahead of FOMC
Pound bulls struggle to find the mojo back, As a key trend line failed to support price earlier this week, we warned readers that GBP/USD exchange rate might decline to 1.32 area and the break opens the possibility of a …
As a key trend line failed to support price earlier this week, we warned readers that GBP/USD exchange rate might decline to 1.32 area and the break opens the possibility of a larger decline towards 1.3 area. However, we warned that despite the trend line break, expect heavy buying around 1.32 area.
As anticipated, there was heavy buying from 1.318 area, and price actions formed a bullish hammer candle that kept the bulls in charge yesterday.
However,
The price action clearly suggests that the bullish hammer was not enough to propel rate back on the trend line.
Today, GBP/USD remains under pressure. The exchange rate declined from 1.328 to as low as 1.321 area.
The focus remains on the upcoming FOMC meeting later today, and Bank of England’s (BoE) rate decision tomorrow.
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