The $GBPUSD pair will likely continue falling as bears target the key support level at 1.2400. Forex Signal
The Federal Open Market Committee will conclude its two-day meeting later on Wednesday. This will be a closely-watched meeting because of the state of the American economy. While inflation has surged, there are signs that economic growth has slowed dramatically.
Economists expect that the Federal Reserve will increase interest rates by about 0.50%, the biggest increase in years. There are also expectations that the Fed will start quantitative tightening policies, by reducing its balance sheet by about $75 billion. Recent data from the Office of the National Statistics showed that retail sales declined sharply in March. Consumer confidence, which is an important gauge of spending, declined for the fifth straight month.
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