GBP/USD touches a low of 1.2439 on the day
Price is closing in on a test of the 100-hour MA (red line) once again, this time @ 1.2130. It’s a bit of a tricky one for cable now as buyers still hold near-term control but the double-top just above 1.2500 presents a technical setup for potential shorts.
That said, all will hinge on the Fed decision later today.
For now, the softer UK inflation data earlier is triggering some downside in the pound and extended dollar strength on the session has helped to see the pair slip to a low of 1.2439.
That said, unless price starts breaking below key near-term levels in the form of the 100-hour MA @ 1.2130 and the 200-hour MA (blue line) @ 1.2380, then buyers are very much still “in the game” as we await the Fed.