GBPUSD approaches major resistance

The British pound is the best performing major currency today as the relief rally continues on rising hopes that the Fed will take a more dovish approach next week. On Friday investor sentiment picked up after two Federal Reserve officials Bostic and Bullard nixed speculations for a bigger full percentage point rate hike this month. As a result the dollar index eased further below 108.00 and traders rushed for more risky currencies. Also hawkish comments from BoE Sanders supported the British pound. He believes that BoE will raise rates further and the neutral rate is higher than 1%.

From technical point of view, GBPUSD broke above the upper limit of the downward channel at the beginning of the week and currently hovers near major resistance at 1.2000, which coincides with 100 EMA (purple line) and 38.2% Fibonacci retracement of the last downward wave. Should a break higher occur, upward move may accelerate towards next resistance at 1.2080 which is marked with previous price reactions and 38.2% retracement. On the other hand, main sentiment remains bearish, therefore another downward move towards local support at 1.1910 or even recent lows at 1.1755 cannot be ruled out.

GBPUSD, H4 interval. Source: xStation5

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