The 1.57833 level is the midpoint of GBPUSD. The current price is around this area and will be the bullish/bearish borderline through the release. During the last FOMC meeting minute announcement, the pair lost around 50 pips in the 15 minutes after the announcement. A similar move might be expected. The following will be levels to target, given the reaction to the headlines.

ON the topside,

  • The high for the day at 1.5816
  • Topside parellel trend line at 1.5827 and
  • 1.5846, the high from May 22nd

On the downside,

  • 1.57615 is the 38.2% of the move up from the most recent low on August 17th (see chart)
  • 1.5744 is the high from August 16th, the 50% of the move up from August 17th and the 100 day MA (not shown). The cluster of technical levels, makes this an key level.
  • 100 hour MA is at 1.5733.

Use 1.5783 and the above levels as the roadmap for the move. Be aware that the first minute or so may move up and down (or down and up). So delay trading decisions (if square) until the headlines are initially digested.