While eyes will be on the FOMC, little old England has a bank meeting too
As has been the case with cable over the last year or so, the moves in GBPUSD come in waves.
We've some over 300 pips from yesterday's ECB lows and there's no signs of that run stopping. A close above 1.44 will keep the bulls happy, if only on a psychological basis than anything else.
The next major level I see is up at 1.4570/80
GBPUSD weekly chart
Until then, 1.4445/50, 1.4480/85 and 1.4500/15 stand in the way.
The biggest last minute kicker before the MPC next Thursday will be the jobs report on Wednesday. Those all important wage numbers could set the tone for expectations going in to the meeting. There's no action expected but it will be the tone of the minutes that will drive the price. No doubt the FOMC will throw Betty about so we might have some good opportunities to trade the different events.
That's all from me this week. I hope the markets have been kind to you and if not, I hope that they've not been too damaging.
Have a great weekend all.
