GBPUSD nearing resistance trend line around 1.3930/40 level, If it happens to break the levels and closes above the resistance the upside opens, with resistance levels 1.4150, 1.4350 and 1.4500. Overall risk on mood at the moment, and if fundamentals support it strongly the upside is favored over the next 45-60 days.
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USD falls pre FOMC. Rate hike expected to 1.75%
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In the meantime GBPUSD bullish flag formed nicely in the extension and if you bought below 1.40 you are in good profit now, we suggest monitor closely as we near the FOMC rate decision today at 19.00 GMT+1
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At 1.4245 formed resistance, and with the USD rally today, GBPUSD is nearing support at 1.4075. The bullish flag thou it is intact at the moment, and if the support holds we can see the price surging above 1.4200 again, upside goal 1.4500.
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With the recovery in price from today the bullish sentiment on the GBPUSD stays, and if it leaves intact the levels below 1.4030 by the end of the month we can see rising again towards 1.4250/1.4300.
The Trade Academy R&D Team