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GBP/USD trades flat ahead of FOMC meeting

FXStreet (Mumbai) - The GBP/USD pair trades dead flat around 1.5194 levels ahead of the FOMC meeting, after the upward momentum faded around 1.5220 levels.

Technical barrier remains intact

The 1.52 level continues to act as a strong barrier since the pair failed to sustain gains above the same yet another time. The pair clocked a high of 1.5219 levels before moving lower. Moreover, the pair has repeatedly failed to sustain gains above 1.52 levels since mid January.

Going forward, caution is likely to persist as the markets weigh in the possibility of the Federal Reserve (Fed) tilting slightly to the dovish side amid weak economic data and race for ultra easy monetary policies across Europe.

GBP/USD Technical Levels

A strong resistance is located at 1.5235, above which gains could be extended to 1.5318 levels. On the flip side, a break below 1.5143 shall open doors for a re-test of 1.5073 levels.

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