GBP/USD Price Analysis: Bulls have the upper hand near five-month top, FOMC awaited – by hareshmenghani GBPUSD Fed Technical Analysis Majors Currencies
The formation of an ascending channel supports prospects for additional gains.edges higher for the fifth successive day on Wednesday and climbs back closer to the 1.2400 mark during the first half of the European session. Spot prices, however, remain below a five-month high touched on Tuesday as traders await the highly-anticipated FOMC policy decision before placing fresh bets.rate hike keep the US Dollar depressed near its lowest level since late June.
From a technical perspective, the recent rally witnessed since late September along an upward-sloping channel constitutes the formation of an ascending channel. This points to a well-established short-term bullish trend and supports prospects for additional gains. The constructive outlook is reinforced by the fact that oscillators on the dailyHence, a subsequent strength back towards testing the overnight swing high, around the 1.2440-1.2445 region, looks like a distinct possibility.
On the flip side, the daily swing low, around the 1.2340 area, now seems to protect the immediate downside ahead of the 1.2300 mark. Any further decline might continue to attract some buyers near the 1.2250-1.2245 region. This, in turn, should help limit the downside near the weekly low, around the 1.2200 round figure. Failure to defend the said support levels will negate the positive
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