GBP/USD Consolidates Near 1.2500 Ahead of Fed Rate Decision

There is a consolidation movement observed in the pound toward the 1.2500 level as the market awaits the FED rate decision. The US Fed is expected to maintain unchanged rates in tomorrow’s meeting. In the battle between the 200-day moving average and trend resistance in the cable, a sustained presence above 1.2560 could open the path toward targets at 1.2610 and 1.2670. On the downside, the range of 1.2490-1.2500 stands out as a crucial level to maintain for the continuation of the corrective movement. Below this point, attention turns to the 61.8% retracement level at 1.2400-1.2390, with 1.2360 as the subsequent point of interest.