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29 Apr 2020
GBP/USD Price Analysis: Pound holds above 1.2400 ahead of FOMC
- GBP/USD is trading in a small range ahead of the FOMC this Wednesday.
- The level to beat for bulls the 1.2500 resistance.
GBP/USD daily chart
The bullish recovery started mid-March stays intact as the spot consolidates above the 1.2300 figure but below the main SMAs on the daily chart ahead of the FOMC economic projections this Wednesday.
GBP/USD four-hour chart
GBP/USD is trading above the main SMAs on the four-hour chart as the quote printed a strong base in April. However, bulls need a convincing break above the 1.2500 figure on a daily closing basis to open the doors to higher prices. On the flip side, support is expected to hold near 1.2400, 1.2300 and 1.2200 price levels.
Resistance: 1.2500, 1.2600, 1.2700
Support: 1.2400, 1.2300, 1.2200
Additional key levels