Post FOMC – GBP/USD Remains Bullish Trend Towards $1.3000

<p>&nbsp;After the change in trend occurred on the chart of the GBP/USD currency pair at the beginning of the week, the price is seen to continue to rise higher following the turmoil of the FOMC meeting early this morning.</p><p><br /></p><p>The Federal Reserve (Fed) met expectations to raise interest rates and Chairman Jerome Powell said there is still room for the central bank to continue raising rates.</p><p><br /></p><p>However, the US dollar did not show an encouraging reaction after the meeting ended with movement at the close of the New York session seeing a decline in value for the currency king.</p><p><br /></p><p>This situation is used by the Pound to increase its value in the market even though there is no clear catalyst supporting the currency.</p><p><br /></p><p>The central bank of England (BOE) policy meeting will be awaited next week for the market to see whether policy tightening will continue or otherwise.</p><p><br /></p><p><br /></p><p><br /></p><p>If at the beginning of the week the price on the GBP/USD chart had bounced up to the level of 1.29000, continuing trading on Wednesday yesterday the price had passed that level and reached a height of around 1.29600 during the reaction of the FOMC meeting.</p><p><br /></p><p><br /></p><p>After a slight retreat at the close of the New York session, the price resumed the rising pattern in the Asian session this morning (Thursday) towards the concentration level of 1.30000.</p><p><br /></p><p>If the increase is successfully extended beyond 1.30000, the resistance zone of 1.31000 will be the target that will be tested by the price.</p><p><br /></p><p>But be careful if there is a change in direction to see the price drop back down.</p><p><br /></p><p>A break below the 1.29000 level and crossing the Moving Average 50 (MA50) support level will signal the end of the bullish pattern and expect the bearish trend to begin.</p><p><br /></p><p>Next, the current support level for the price at around 1.28000 will be tested again and if it breaks through lower, the price is seen to reach the 1.27000 level.</p>