• GBP/USD edged higher on Wednesday as investors shifted their focus to the outcome of the Federal Reserve's policy meeting later in the session and to upcoming economic data..
• The Federal Reserve is expected to leave interest rates unchanged at its policy meeting later on Wednesday.
. Markets will be paying attention to Fed Chair Jerome Powell's remarks for more cues on the rate path.
• The Bank of England is expected to cut borrowing costs on August 7 for the fifth time since August last year.
• At GMT 12:00,the Pound was up 0.19% at 1.3375 against dollar.
• Immediate resistance is located at 1.3481(SMA 20), any close above will push the pair towards 1.3523(38.2%fib)
• Strong support is seen at 1.3316(50%fib) and break below could take the pair towards 1.3253(Lower BB).
Recommendation: Good to buy around 1.3390 with stop loss of 1.3460 and target price of 1.3320
