GBP/USD Technical Analysis: Supported above 1.3100 ahead of FOMC

• GBP/USD found some resistance near the 1.3145 level as GBP/USD is in its fourth day of consolidation. Bulls objective is to breakout above 1.3200 figure if they wish to reverse the bear trend and start a bullish one.
• On the other hand, bears need a strong bear breakout below 1.3100 in order to resume the multi-month bear trend. In the near-term bulls have a small advantage as long as GBP/USD stays above the 1.3100 level.
• The Fed’s Monetary Policy Statement is set to be released at 18:00 GMT. The event usually leads to volatility in the market.

GBP/USD 15-minute chart

Spot rate:               1.3119
Relative change:    -0.04%     
High:                      1.3145
Low:                       1.3095

Trend:                    Bearish / Bullish above 1.3200

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3230 supply level
Resistance 4:        1.3250 June 4 high 

Support 1:             1.3100-1.3076 area, figure and weekly low
Support 2:             1.3049 June 28 low
Support 3:             1.3010 July 18 low
Support 4:             1.2957 current 2018 low
Support 5:             1.2908 September 5, 2017 low