GBP/USD moving up on FOMC

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.6912, down -0.18% on the day, having posted a daily high at 1.6957 and low at 1.6889.

The Fed left rates on hold and reduced monthly treasury bond purchases and continues at $25b per month. There will not be a press conference and only a statement that came with some new language with acknowledgment of a tick up in inflation but significantly said there is still work to be done in respect of “Growth rebounding” with there being “Slack in labour market” despite improvements and “Significant underutilisation of labour forces”. However, “Risk to outlook is balanced” and will continue to reduce the bond purchasing programme but not committing to what months. There was no change in forward guidance” although “Inflation running below 2% has diminished. August will give us the minutes that should give us more information and will be of more importance than today’s statement.

GBP/USD Levels

With spot trading at 1.6912, we can see next resistance ahead at 1.6924 (Weekly Classic S1) and 1.6930 (Hourly 20 EMA). Support below can be found at 1.6889 (Daily Low), 1.6872 (Weekly Classic S2), 1.6856 (Daily Classic S3) and 1.6853 (Daily 100 SMA).

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