Forex: Cable rebounds at 1.6380 and rises back above 1.6400

GBP/USD failed to break above 1.6450 and weakened. After the opening bell at Wall Street the pair started to fell, finding support at 1.6380. From there the pair rebounded and now is back on top of 1.6400. Above intra-week high at 1.6455, the next resistance lies at 1.6510 and 1.6560. Currently it trades at 1.6417/20 or 0.40% above today’s opening price. Cable is rising for the second day in a row. The pair is expected to remain in a range ahead of the FOMC decision.

“The British pound continued this week’s claw back from the edge of the precipice having slumped on the view that the banking sector was in further trouble. The minutes from the September 10 Monetary Policy Committee meeting released today saw all nine voting members get back onto the same page and deliver a more ebullient take on the recovering economy”