GBPUSD has been a chart of interest for a while and downside looks likely when taking price action into consideration only.
However, with the FOMC interest rate decision tonight this chart could look very different by the end of the day. If the FED disappoint and look to slow down the rate in
which they continue to hike interest rates we could see GBP back above the key 1.2700 resistance. If the FED plan to continue hiking interest rates then the USD will see significant
upside leading to a break of the trendline support and GBPUSD heading down to the key support level.
However, with the FOMC interest rate decision tonight this chart could look very different by the end of the day. If the FED disappoint and look to slow down the rate in
which they continue to hike interest rates we could see GBP back above the key 1.2700 resistance. If the FED plan to continue hiking interest rates then the USD will see significant
upside leading to a break of the trendline support and GBPUSD heading down to the key support level.