Taking advantage of the US dollar losing momentum ahead of the FOMC meeting, the Pound managed to delay the decline against the king of the currency in the New York session yesterday.
On the price chart of the GBP/USD pair, the decline was seen at the beginning of the week continuing the bearish pattern of the previous week.
After the decline hit the level around 1.34400 on Tuesday yesterday, the price increase can be seen again beyond the level of 1.3500 which is seen as a resistance level for the price.
Moreover, the price movement on the 1 -hour timeframe is seen slightly above the Moving Average 50 (MA50) barrier level which gives an early signal that a trend change may occur again.
The pound is expected to continue to react to the US dollar before being driven by the outcome of next week's meeting of the central bank of England (BOE).
If the price makes a higher rise, the resistance for the next test price is at the SBR zone (support become resistance) 1.35700 before heading to the higher SBR zone which is at 1.36500 for continued rise.
Only then will the target move back to the 1.37400 focus resistance zone reached in the last 2 weeks and has recorded an 11 -week high.
On the other hand if the US dollar remains dominant after the FOMC meeting, the price will be pressed lower towards the support level at 1.34000.
Continuing to record the latest lows if the decline continues, the price target level is seen at 1.33000 after passing the 1.33500 zone earlier.
