- GBP/USD declined after hitting high of 1.36556 on hawkish US Fed statement. The pair dipped till 1.34525 and is currently trading around 1.35045.
- Fed has kept its interest rate unchanged and finally made formal announcement that it will start to taper QE by Oct. Fed futures are pricing in 73.4% chance of a Dec hike compared to 48.6% a week ago.
- On the higher side, near term resistance is around 1.36500 and any break above will take the pair till 1.3700/1.3750.
- The near term support is around 1.3450 and any break below will drag the pair down till 1.3400/1.3300. The minor weakness only below 1.3150.
It is good to buy on dips around 1.3500 with SL around 1.34500 for the TP of 1.3630/1.3650.