We're largely unchanged following the inflation data though the pound is holding up after softer CPI
The area around 1.5460/75 is becoming quite a strong level for GBPUSD right now. We've tried on three occasions to break higher but have failed each time. The latest attempt has seen the sellers bring the pressure a bit sooner at around 1.5460
GBPUSD H4 chart
1.5466 has been an S&R level throughout the year and we also have the broken Jan 2009 support line. Above here we have the 50.0 fib at 1.5490. This area between the 38.2 & 50.0 is one that I highlighted last week as being important for this move from the Sep lows. If we break through the 50.0 then we have a chance of taking back some decent ground from the swift drop from 1.5818
Whether the market wants to push the envelope with the FOMC nearby remains to be seen but we'll probably get an answer one way or another. If we do get a return to the intraday highs fairly quickly then that's a sign that the market wants to really test the upside
