GBP/USD Outlook: Expected Dovish Stance From Fed Could Lift Cable For Clear Break Of 1.37 Zone

Cable rose to a new 32-month high in early Wednesday’s trading, extending Tuesday’s 0.5% advance on revived risk mode.

Fresh strength broke above last week’s new high at 1.3745 and eyes targets at 1.3772 (May 2018 high) and 1.3800 (round-figure), but more evidence is required to confirm the final break above 1.37 zone after several failures.

Daily technical studies support the action as moving averages are in a full bullish setup and positive momentum is rising.

Fed policy meeting is a key event today, with wide expectations that chief Powell will renew a commitment to an ultra-easy policy that would push the dollar down and fuel risk sentiment.

Initial supports lay at 1.3711/00 (5DMA/round-figure) guarding a more significant 10DMA (1.3668).

Res: 1.3758,.3772,.3800,.3830

Sup: 1.3700,.3668,.3635,.3609

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