The British pound has moved past the 1.2950 resistance level against the US dollar currency, ahead of today’s key interest rate decision from the Federal Open Market Committee. GBPUSD bulls need to break above the psychological 1.3000 level in order to encourage a key test of the 1.3200 resistance level. To the downside, repeated failure to break the 1.3000 level could cause the GBPUSD pair to decline towards the 1.2785 area.
If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.3000 and 1.3200 levels.
The GBPUSD pair is only bearish while trading below the 1.2880 level, key support is found at the 1.2785 and 1.2740 levels.
