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


2 views0 comments

Recent Posts

See All

Credit 

Caution:

Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognize that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. Smart Analysis Pvt takes not responsibility for loss incurred as a result of our trading signals. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a the decision to copy our trades on your own account. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our signals or advice on forex related products on this website.

PayPal

Credit  & Debit Card

  • Black Facebook Icon
  • Black Instagram Icon
  • Black YouTube Icon

© 2023 by Personal Life Coach. Proudly created with Wix.com