Cable gains are extending to near 1.23. A sustained move above 1.2380 would clear the way toward 1.25, then a potential move on to the 1.28/30 range, econmomists at Scotiabank report.
Firm and developing momentum under the GBP.“Short-term oscillators indicate firm and developing momentum under the GBP.”
“Consolidation resistance, stemming from the sideways channel that has developed since the turn of the year, stands at 1.2380. A clear move above here targets 1.25 and, potentially, a move on to the 1.28/1.30 range.”
EUR/USD clings to small gains, trades below 1.0800 ahead of Fed
EUR/USD is consolidating recent gains and fluctuates below 1.0800 on Wednesday. The US Dollar holds its ground following a mixed opening in Wall Street and limits the pair’s upside. Investors await the US Federal Reserve’s (Fed) policy announcements.
GBP/USD retreats below 1.2250 as focus shifts to Fed
GBP/USD has declined below 1.2250 after having advanced toward 1.2300 on the back of hot inflation figures from the UK in the European morning. Investors wait for the Fed to announce its policy decision and to release the revised Summary of Economic Projections.
Gold stabilizes at around $1,940 ahead of FOMC
Following Tuesday’s sharp decline, Gold price stays in a consolidation phase at around $1,940 on Wednesday. Ahead of the Fed’s highly-anticipated policy decisions, the benchmark 10-year US Treasury bond yield clings to small gains near 3.6%, not allowing XAU/USD to gain traction.
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