GBP/USD erases daily losses

FXstreet.com (Córdoba) - The GBP/USD managed to reverse intraday losses at the beginning of the American session as the pound shrugged off BoE minutes and attention turns to the Fed statement.

GBP/USD found support just above 1.5600 and bounced, turning back positive for the day. GBP/USD is currently trading at the 1.5650/55 area, 0.1% above its opening price.

GBP/USD holds a bearish tone

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that GBP/USD holds a bearish tone in short term charts, supporting a downward movement, yet "it is all in FED's hands, so there's a chance price will keep ranging until the news".

"Price needs either to break below the 1.5600 mark or above 1.5670 to set a clearer intraday tone, with 1.5520 and 1.5770 as main bearish and bullish targets for today", Bednarik says.