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Consolidation Expected Until American Session

Hourly

Preliminary GDP data from the UK and weak US consumer confidence allowed the GBPUSD to close with a growth on Tuesday. Today I made a forecast for up to the American session. I didn’t bother extending the forecast line since at 21:00 the US Fed will make clear its monetary policy decision and make an announcement. I reckon that the pair will return to the LB.

Daily

Seller activeness is still low at the moment. Perhaps we’ll see more dynamism after the FOMC meeting. Whilst the sellers are sleeping, the bulls are knocking the rate up to 1.5675 (15th July maximum).

Weekly

The weekly indicators are facing down. The price is under the trend line. The 1.5169 target is still on the cards whilst the buyers haven’t strengthened above 1.5675.

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