GBP/USD remains capped by 100-hour SMA

FXstreet.com (Córdoba) - GBP/USD has settled in an even tighter range within the last hours as conditions get thinner and thinner ahead of the Fed decision.

GBP/USD failed to overcome the 1.5675 area, where the 100-hour SMA acted as dynamic resistance and pulled back, although with 1.5645 containing the downside, the pair was confined to a phase of consolidation.

GBP/USD holds the soft tone

At time of writing, GBP/USD is trading at the 1.5650 zone, still up 0.1% on the day. According to Valeria Bednarik, chief analyst at FXstreet.com, technical indicators remain below their midlines in 4-hour chart, "suggesting only a strong acceleration above 1.5680 will favor a recovery in the pair".