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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 340867, member: 104606"] [B][SIZE=5]The Dollar Strengthens in Anticipation of the Fed's Rate Decision[/SIZE][/B] [img]https://i.imgur.com/dlSl62J.jpeg[/img] The current five-day period is as full as possible with important fundamental data. This morning, a meeting of the Bank of Japan and the RBA took place. Tomorrow, the Fed will announce its decision on the rate, and on Thursday, market participants expect a verdict from the Bank of England. Decisions by officials may determine the pricing of major currency pairs in the coming months. After all, most currency pairs have been trading in narrow flat corridors for a long time, and an increase in volatility can lead to the start of new medium-term trends. [B][SIZE=5]GBP/USD[/SIZE][/B] [img]https://i.imgur.com/clYBg38.png[/img] A week ago, pound buyers managed to update the high of December last year at 1.2830. The price almost reached 1.2900, but the pound bulls failed to continue the upward movement and test the psychological resistance level at 1.3000. The pullback from 1.2900 contributed to the formation of a reversal combination for selling bearish harami on the w1 timeframe. Technical analysis of GBP/USD shows that if this formation continues, the price may decline to recent extremes at 1.2530-1.2500. We can consider cancelling the downward scenario if we confidently consolidate above 1.2900. Tomorrow, pay attention to the release of data on the consumer price index in the UK for February. At 12:00 GMT+3, the housing price index for the past month will be released. [B][URL="https://fxopen.com/blog/en/ru-the-dollar-strengthens-in-anticipation-of-the-feds-rate-decision/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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