Technical Analysis
GBPUSD have big potential to sell around 1.23911. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for buyer is weakening. Target price at 1.23383
Fundamental Analysis
The dollar index, which measures the US currency against a basket of six major rivals, rose 0.1% to 109.78, but was still below its 20-year high of 114.80 reached in May.
The euro was up 0.1% at $1.0076, while the pound was down 0.1% at $1.1438.
The Japanese yen strengthened 0.3% to ¥142.03 against the dollar.
Traders were cautious ahead of the Fed's decision, with many expecting the central bank to raise interest rates by 75 basis points for the third time in a row.
A more hawkish-than-expected stance from the Fed could boost the dollar, while a more dovish stance could send the currency lower.
In addition to the Fed's decision, traders will also be watching for any signs of intervention from the Japanese government to support the yen.
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete
