#GBPUSD @ 1.10985 Cable bulls moved in on the back of the FOMC minutes.
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- Cable bulls moved in on the back of the FOMC minutes.
- GBP/USD bears are attempting to break the trendline support.
GBP/USD is perking up following the Federal Open Market Committee minutes and has printed a fresh high for the day of 1.1133. It has since dipped back to 1.1090 to test the neckline of the 15-minute chart’s W-formation and near the dynamic trendline support as the following chart shows:
The price is above last week’s high, which is bullish for the day ahead whereby traders in Tokyo will note and acknowledge the prior day’s highs also as a potential target area.
Failing that, however, on a break of the trendline support, a move back to the prior day’s low could come about in an aggressive sell-off should the US dollar be a favourite among investors again ahead of Thursday’s Consumer Price Index:
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