GBPUSD Breakout Strategy | Action Forex

The British pound is trapped in large trading against the US dollar as market participants await the outcome of the FOMC meeting this week. The GBPUSD pair is likely to remain trapped in the 1.4090 to 1.4230 price range until the outcome of the policy meeting is known. Selling a confirmed breakout under 1.4090 or a confirmed breakout above 1.4230 is probably the best strategy for now.

The GBPUSD pair is only bullish while trading above the 1.4160 level, key resistance is found at the 1.4230 and the 1.4300 levels.

If the GBPUSD pair trades below the 1.4160, sellers may test the 1.4090 and 1.4000 support levels.

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