The GBP/USD has reached a key resistance level on the D1 timeframe. With FOMC at 2pm today, we will see a spike to the up or downside, giving us a clear understanding of where the market is headed.
If we take a look at the W1 timeframe, we see that price has reached a key resistance level as well.
What Others Are Predicting
My initial thought is that we will see a short entry. As you can see, other traders are seeing mixed opportunities. The safest entry would be to wait until the release of FOMC, however you may miss out on a better entry.
Setting up a long and short limit order would help with this. Just above previous resistance of 1.3200 and below previous support of 1.3180.
We are currently in a short position with limit orders also set. Our targets for the short position are 1.3050 – 1.3010.
Cheers to another successful week!