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GBPUSD – Impulsive Price Action Post FOMC | Mar 17
GBPUSD – Impulsive Price Action Post FOMC (4hr chart)
Heading into the FOMC, the GBPUSD had lost almost 400 pips in 5 trading days. However with the dovish FOMC comments on Wednesday, the GBPUSD rallied all of that back and then some in approximately 24hrs.
This tells me a) a ST sentiment change is in play and b) most of the positioning ahead of the FOMC was bearish (including myself).
For now the pair is testing the 1.45 big figure and the impulsive price action structure (with small corrective structure since then) suggests higher prices, perhaps after a small pullback towards the 1.4435 role reversal level.
This move may have overshot so 4435 may not hold, which would put 4300 back into play. However if 4435 holds, then beyond 4500, we have 4560 and 4650 as the next resistance zone layers where bulls may take profits.
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