The euro and the yen dipped against the dollar on Wednesday ahead of the Federal Reserve’s rate statement later in the day, which it was hoped would contain clues on the timing of an initial rate hike. Investors were waiting to see if Fed policymakers will give any indication on the timing or pace of future interest rate increases. Fed Chair Janet Yellen has said the central bank could raise rates as soon as September if the economy continues to improve as expected. The U.S. was to release figures on second quarter growth on Thursday, which were expected to show that the economy rebounded following a contraction in the first quarter after an unusually harsh winter. The Conference Board, a market research group, said its index of consumer confidence fell to 90.9 this month from a downwardly revised 99.8 in June. Economists had forecast a reading of 100.0.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5620 TARGET 1.5640 1.5670 SL 1.5590
SELL GBP/USD BELOW 1.5590 TARGET 1.5570 1.5540 SL 1.5620
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