The GBP/USD has stuck near the major supply zone at a 21-day exponential moving average ahead of the interest rate hike announcements from US Federal Reserve. The price is almost directionless from the last two trading sessions despite exhibiting violent swings. According to experts, even if buyers take the initiative, then also the upside remains capped amid the weak fundamentals of the British pound. Investors are expecting The US central bank to lift the interest rates by 75 basis points, which will act as a major hurdle for GBP/USD. The pair can experience a sudden spike in bearish pressure in the US session. Watch out for any downside extension in GBP/USD below the 1.205 level before any bounce back.
Reference: Trading View
