GBP/USD runs into hourly 100-MA hurdle

Despite broad based dollar weakness post Fed, the GBP/USD pair is having a hard time breaching the hourly 100-MA hurdle of 1.3044.

Rebounds from 1.2945

Cable clocked a low of 1.2945 yesterday before staging a rebound to above 1.30 on the back of a bullish price RSI divergence on the hourly and 4-hr charts. The pair clocked pre-Fed high around 1.30 before deflating back to 1.2950 during the Fed event.

Fed kept rates unchanged as expected, but revised economic forecasts lower and interest rate forecasts lower. Consequently, the pair breached 1.30 hurdle and rose to 1.3049 levels.

GBP/USD Technical Levels

Acceptance above the hourly 100-MA hurdle of 1.3044 could help the pair extend the rally to 1.31. Next major resistance stands at 1.3145 (hourly 200-MA). On the other side, breach of hourly 50-MA level of 1.30 would open doors for a slide to 1.2945 (previous day’s low) and 1.29 levels.