Sharp moves in FX ahead of FOMC meeting by Milan Cutkovic

  • Liquidity not the best at the moment, as USD position covering continues
  • EUR/USD reached a high of 1.1160, just to fall back to 1.1110 a few minutes later
  • Cable is also extending gains; 1.5550 is the significant tech resistance level
  • The rally in GBP/USD looks strongly overextended, but difficult to sell into this, especially given the poor liquidity
  • However, should we see 1.5550 today, it is definitely worth to short it there with a stop at 1.5610, for a retracement back to at least 1.53

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