The GBP/USD pair shot higher during the course of the session on Wednesday, crashing into the 1.55 handle. This is significant resistance, and then of course just above there is an uptrend line that previously was broken down. That area should now be resistive, so it’s not surprising to see a bit of pulling back from the top of the candle. At this point in time, the FOMC Statement will be the focus of the market. If we break down from here, we could go back to the 1.53 level. On the other hand, if we can break above the top of the uptrend line from this summer, we will then race towards the 1.58 handle.
