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29 Oct 2014
GBP/USD gathers momentum and hits fresh highs
FXStreet (Córdoba) - GBP/USD rallied sharply to fresh daily highs at the beginning of the New York session amid broad USD weakness ahead of the FOMC decision.
The dollar came under pressure across the board as investors are betting for a dovish Fed statement. As for GBP/USD, failure to break below the 1.61 mark triggered profit taking of shorts and sent the pair to a fresh daily high of 1.6156 in recent dealings.
It remains to be seen whether the pound could sustain gains ahead of the Fed decision. At time of writing, the pair is trading 1.6150, recording a 0.13% increase on the day.
GBP/USD levels to watch
As for technical levels, immediate resistances line up at 1.6181/83 (Oct 28 & 21 highs) and 1.6200 (psychological level), while supports are seen at 1.6102/00 (intraday low/psychological level) and 1.6087 (Oct 28 low).
The dollar came under pressure across the board as investors are betting for a dovish Fed statement. As for GBP/USD, failure to break below the 1.61 mark triggered profit taking of shorts and sent the pair to a fresh daily high of 1.6156 in recent dealings.
It remains to be seen whether the pound could sustain gains ahead of the Fed decision. At time of writing, the pair is trading 1.6150, recording a 0.13% increase on the day.
GBP/USD levels to watch
As for technical levels, immediate resistances line up at 1.6181/83 (Oct 28 & 21 highs) and 1.6200 (psychological level), while supports are seen at 1.6102/00 (intraday low/psychological level) and 1.6087 (Oct 28 low).