The Pound Looks Towards 1.18-1.20
The British Pound would unlikely to hold above its major 1.25 psychological and technical support. A reasonable short positioning in GBP/USD could have its first target between 1.2330 and 1.2390. This range was already achieved on September 20 even before the Fed’s hawkish comments. Therefore, the Pound slipped to 1.2230-1.2280. Yet, a further drop to ultimately test the next stronger support area at 1.18-1.20 looks almost inevitable this autumn, as the Bank of England could not have such a strong impact compared to the U.S financial regulator. Again, the Greenback usually plays a safe-haven role when Wall Street indexes waxing the skies to roll downhill, which is exactly what's happening when Fed's plans were unveiled.
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