Two trades to watch: Gold, GBP/USD
Fiona Cincotta March 17, 2021 7:27 AM
Gold's recovery depends on the Fed. GBP/USD trades in range ahead of the FOMC.

Gold's recovery depends on the Fed
Learn more about trading gold

GBP/USD all eyes on the Fed
Where next for GBP/USD ?
GBP/USD trades below a descending trendline dating back to late February. Although it has been range bound between 1.40 and 1.38 since early March. The RSI is nuetral at 50 supporting evidence that GBP/USD trades with a neutral bias.
Therefore, it could be prudent to wait for a post Fed break out trade. Any move high need to break through 1.3925 the descending trendline before 1.3955, last week’s high comes into play. It would take a move above 1.40 psychological level for buyers to gain momentum and look back towards 1.4240 high.
On the flip side, failure to break 1.39 could see the pair head back towards 1.38 yesterday’s low, beyond here the sellers look towards 1.3550.
Learn more about trading forex
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.