The pound gets a chance to move higher from the mixed US economic data. After a month, the pound gained approx 150 pips at yesterday's session. The UK's GDP is estimated to have increased by 0.5% in Q4 2014. On the other hand, the US dollar weakens further against most major currencies after the mixed US economic reports. Today, the focus has shifted to Federal Reserve's policy meeting, the key factor is the deadline of raising the benchmark short-term interest rates. The cable moved to a 1-week high at 1.5223. The cable has the nearest resistance at 1.5270. The pair is still trading in the downward channel. The pair has intraday support at 1.5125, 1.5090, and 1.5060. As per the hourly moving averages, the bearish crossover still favors bears. We recommend fresh selling below 1.5120 with the targets at 1.5090 and 1.5060. On the hourly chart, the cable gave an upside breakout from the narrow range. The panic will be triggered below 1.5060. On the other hand, we can see strong momentum only above 1.5270 towards the 1.5320 and 1.5390 levels.
