The #GBPUSD could continue lower after the FOMC rate announcement tomorrow. What key levels could we see sellers enter the market?
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The price of the GBPUSD has been on our watchlist and week ahead analysis video recently as the strength meter pointed out that the GBP was losing strength. The weekly chart showed the price rejecting the major 1.3700 level and since then we have seen a downward trend develop. With the Fed likely to announce when they will hike rates the USD could be about to strengthen further. This could drive GBPUSD prices lower.
Looking at the 4hr trend we can see that the market has not retested the previous lows and supply zone. If the volatility of the news drives prices higher initially we could look for the sellers to re-enter the market at the major supply zone around 1.3610. Alternatively we could look to see if bearish price action forms at the previous swing lows.
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