GBP/USD is currently consolidating above the support level of 1.2470. If at the press conference following the Fed meeting, Jerome Powell makes it clear that the central bank can, if not suspend the cycle of raising interest rates, then reduce their growth rate to 0.25% per month, GBP/USD will fall because its price is heavily influenced by the actions of the Fed towards interest rates.
technical picture:
The quote is below the middle line of the Bollinger indicator, above the SMA 5, but at the edge of the SMA 14. Meanwhile, the relative strength index (RSI) is below 50% and is turning up, while the stochastic indicator is growing stable and is above the oversold zone.
Possible dynamics:
The pair may trade around 1.2610.
