GBP/USD benefited from the improving risk mood and advanced to 1.
GBP/USD stabilized near 1.2150 following Tuesday's volatile action. The Fed's statement language and Chairman Powell's comments could impact the USD's valuation. The pair is likely to face stiff resistance at 1.2200. 2200 during the European trading hours on Tuesday. The renewed US Dollar strength in the second half of the day, however, forced the pair to retrace its daily advance. Early Wednesday, the pair fluctuates in a tight channel at around 1.
For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY . A no change in the Fed policy rate is largely priced in. Hence, market participants will pay close attention to Chairman Jerome Powell's remarks on the policy outlook and scrutinize the statement language.
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