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10 Apr 2013
Forex: GBP/USD declines after FOMC minutes brought forward
FXstreet.com (Barcelona) - GBP/USD has had an initially mixed reaction following today´s FOMC minutes which were suddenly brought forward in time.
The pair spiked higher to 1.5322 before quickly retracing lower to where it is currently trading just above support at 1.5300. The reasons for the change in release time are as yet unknown but they follow BoJ Governor Kuroda´s comments just previously. The minutes show that FOMC members saw little change in outlook from the prior meeting and a number of participants saw QE tapering at around mid year. Short term timeframe moving averages show some bearish sentiment, but on a longer time frame the sentiment remains positive. Hourly Stochastics are at 25 and initially look to be preparing for a cross. RSI is at 43 and moving with a slight downside bias.
The pair spiked higher to 1.5322 before quickly retracing lower to where it is currently trading just above support at 1.5300. The reasons for the change in release time are as yet unknown but they follow BoJ Governor Kuroda´s comments just previously. The minutes show that FOMC members saw little change in outlook from the prior meeting and a number of participants saw QE tapering at around mid year. Short term timeframe moving averages show some bearish sentiment, but on a longer time frame the sentiment remains positive. Hourly Stochastics are at 25 and initially look to be preparing for a cross. RSI is at 43 and moving with a slight downside bias.