The GBP/USD has extended gains since September 9th 2015 hitting a new Top at $1.5466. And the prices edged higher at the opening of today trading session. While the investors remain cautious ahead of the outcomes of the Federal Reserve policy meeting due on Thursday, September 17, 2015 to see whether it will hike its interest rates or not. On the other hand, Fed Chair Janet Yellen said previously that the interest rate increase depends to the improvement of the economic data, but she also indicated her expectations to raise rates before the end of this year.
Concerning the technical analysis, the Cable rose significantly during the previous week hitting all the expected targets that we have mentioned in our technical analysis. Further recover of the Cable is expected toward MA (100) at $1.5480. And as we can see on the daily chart, the GBP/USD formed the Harmonic 0-5 opening the way for the pair to rise toward the (D) target at $1.5490 which will represent a barrier for the prices. So any break above $1.5490 will confirm the bullish wave toward $1.5523 then $1.5560.
