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Market View

GBPUSD is waiting for Fed's Interest Rate Decision

Wednesday, December 19, 2018 12:14 PM GMT

Today’s agenda includes many major news and events related to the GBPUSD, such as Fed Interest Rate Decision, Fed’s Monetary Policy Statement, FOMC Economic Projections and FOMC Press Conference. Market expects that the Interest Rate will remain the same at 2.25%.

Reviewing the weekly technical aspect, RSI formed a positive divergence indicating a potential reversal.



Heading to the daily timeframe, GBPUSD is currently retracing back from the resistance (R1), while it is respecting the trendline (T2). Going to more technicals, Stochastics has already broken the basis line to the upside, at the same time as CCI is testing it.



Overall, the setup is neutral. If price violates the trendline (T1) to the upside, then market may offer an opportunity for the Bulls. On the other hand, a breakout of the trendline (T2) to the downside maybe means a continuation of the bearish momentum.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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