GBPUSD is forming an upward trend, and my short-term target is to reach the resistance level of 1.226 after surpassing the barrier at 1.21.
However, the major currency pair is facing rejection near the 1.2200 level as market participants await the highly anticipated Federal Open Market Committee (FOMC) policy meeting on Wednesday, followed by the Bank of England (BoE) on Thursday. These events could cause market volatility. GBP/USD is currently trading near 1.2139, down 0.11% for the day.
However, the major currency pair is facing rejection near the 1.2200 level as market participants await the highly anticipated Federal Open Market Committee (FOMC) policy meeting on Wednesday, followed by the Bank of England (BoE) on Thursday. These events could cause market volatility. GBP/USD is currently trading near 1.2139, down 0.11% for the day.
