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18 Mar 2015

GBP/USD recovers from lows ahead of FOMC

FXStreet (Córdoba) - GBP/USD bounced from a fresh nearly 5-year low at the beginning of the American session as the pound staged a mild recovery across the board after UK official growth estimate for 2015 was revised up to 2.5% from Dec 2.4%.

In the meantime, the dollar is facing some selling pressure ahead of the FOMC decision scheduled for 18 GMT.

GBP/USD moved off a low of 1.4643, last seen June 210, but the recovery was capped by the 1.4685 area so far. At time of writing, the pair is trading at 1.4660, down 0.58% on the day.

GBP/USD technical perspective

“In the 4 hours chart the price failed again to overcome a bearish 20 SMA now acting as dynamic resistance around 1.4755, whilst the technical indicators are also biased lower in negative territory, supporting further declines should the FED came out with a hawkish speech”, said Valeria Bednarik, chief analyst at FXStreet.

Bednarik locates next supports at 1.4620, 1.4590 and 1.4550, while she places resistances at 1.4670, 1.4710 and 1.4755.
Mar 18, 2015

AUD/USD developing falling wedge pattern - CB

Karen Jones, chief analyst at Commerzbank noted how AUD/USD held sideways leaving their outlook unchanged.
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Mar 18, 2015

Gold could decline if Fed drops ‘patient’ – FXStreet

FXStreet Editor and Analyst, Omkar Godbole, shares the outlook for Gold into the FOMC meeting, expecting the precious metal to drop to USD 1120-1100 if Fed drops ‘patient’, while failure to do so might lead Gold to see USD 1175 levels.
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