FED: Instant Answers: Most Officials See Another Hike Likely By Year End

• RES 4: 0.8694 High Jun 22 
• RES 3: 0.8652 High Jun 26 
• RES 2: 0.8635 76.4% retracement of the Jun 22 - Jul 15 bear leg
• RES 1: 0.8608 High Sep 03
• PRICE: 0.8585 @ 16:13 BST Sep 07
• SUP 1: 0.8570 20-day EMA 
• SUP 2: 0.8532 Low Aug 12 and key S/T support  
• SUP 3: 0.8518/8455 Low Jul 22 / 15 and the bear trigger
• SUP 4: 0.8443 2.236 projection of the May 18 - 25 - Jun 22 swing  

A bullish theme in EURGBP remains intact for now, and the cross is holding on to the bulk of its recent gains. Price has breached resistance at 0.8588, the Jul 30 high, highlighting a stronger corrective theme. Sights are on 0.8635, a Fibonacci retracement. Note that medium-term trend signals continue to highlight a dominant downtrend. Initial firm support to watch is 0.8532, the Aug 12 low. A break of this level would be bearish.           

• RES 4: 1.3814 High Jan 30 
• RES 3: 1.3733 High Feb 4
• RES 2: 1.3696 76.4% retracement of the Jan 27 - Jun 24 bear cycle
• RES 1: 1.3603/76 High Aug 27 / 21 and the bull trigger
• PRICE: 1.3544 @ 16:12 BST Sep 07
• SUP 1: 1.3483 50-day EMA 
• SUP 2: 1.3475 Low Sep 02
• SUP 3: 1.3436 Trendline support drawn from the Jun 24 low 
• SUP 4: 1.3333 Low Jul 30

GBPUSD continues to trade closer to its recent lows. Support to watch lies at 1.3483, the 50-day EMA. This average has been pierced, a clear break of it is required to signal scope for a deeper retracement and expose a trendline support at 1.3436. The trendline is drawn from the Jun 24 low. Initial firm resistance to monitor is 1.3603, the Aug 27 high. Clearance of this level would signal a bull reversal.