GBP/USD Technical Analysis: Critical Trendline Support Faces Fed Rate Decision Volatility

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Source: Dukascopy Bank SA
GBP/USD 4-hour chart indicates a medium-term bullish trend, with the pair currently trading at 1.35058 and testing a crucial ascending trendline that serves as dynamic support. Following a recent rejection at the immediate resistance level of 1.35850, the price has pulled back to this trendline, creating a pivotal decision zone while the RSI rests at a neutral 48.50.



However, this technical setup is likely to face extreme volatility with today's highly anticipated Federal Reserve interest rate decision, which will act as the ultimate fundamental catalyst for the US Dollar. If buyers successfully defend the trendline amid the FOMC-driven turbulence, the pair is positioned for a bounce back toward the 1.35850 resistance, with a potential breakout targeting the major 1.36500 level. Conversely, a hawkish Fed tone leading to a decisive breakdown below the ascending support would signal a deeper correction, bringing the next strong horizontal floor at 1.34200 firmly into play.
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