British Pound advanced against the U.S. Dollar as mixed U.S. economic data released yesterday weakened the US Dollar Indeed, Core Durable Goods Orders (MoM) dropped in September and a CB Consumer Confidence report was above expectations. The GBP/USD pair will remain under pressure ahead of the Federal Open Market Committee meeting decision, output statement scheduled for release later on the day
Volatility is expected ahead of the Federal Reserve statement, the Fed is likely to sound more dovish regarding interest rate hike.
The GBP/USD pair ended yesterday trading sessions on a little advance. The pair advanced after mixed U.S data release but pared major of its gains to close just 9 pips above a previous day close. Today high volatility is expected, so we advise traders to stay cautious and move to the sidelines and do not enter the market prior to the Federal Reserve FOMC meeting statement output.
A dovish statement will favor the Cable over the greenback and should be taken as bullish signal. So, in case prices reach the strong resistance area at $1.6230, intraday traders may benefit from the move and “Short” the pair using a reasonable risk/reward 
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GBP/USD: A Dovish Statement Will Favor The Cable Over The Greenback
Published 10/29/2014, 07:20 AM
Updated 05/14/2017, 06:45 AM
GBP/USD: A Dovish Statement Will Favor The Cable Over The Greenback
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