GBP/USD Technicals Under Pressure Ahead of Fed Verdict
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GBP/USD's near-term technical picture mirrors the caution seen across risk assets, with silver sliding below the $64 mark and crypto majors like bitcoin and ethereum slipping ahead of the Fed meeting. That broad de-risking typically favors the dollar side of the ledger, keeping cable's rallies shallow.
Momentum indicators for GBP/USD are struggling to build conviction, reflecting the same hesitancy flagged in equity charts warning of a 'tough road ahead' if the Fed hikes. Buyers need a clean reclaim of recent short-term structure to shift sentiment back in sterling's favor.
Absent that, GBP/USD risks drifting toward the lower end of its recent range, with volatility likely to spike immediately after the rate announcement.