Downside pressure prevailed on Tuesday and thus sent GBP/USD for another decline. This bearish momentum began in the wake of disappointing UK Manufacturing PMI released early in the day. It continued to dominate even further until the 1.36 mark was reached.
As apparent on the chart, the pair has not still touched the senior channel and the weekly S2 near 1.3550. Thus, this move might occur during the first part of the day. The monthly S1 is likewise located nearby at 1.3527.
Meanwhile, the pair is trading near the bottom boundary of a two-week channel. Even if the aforementioned falls occurs in the following hours, the Pound should eventually strengthen against the US Dollar with gains being capped near 1.38.
By and large, traders might be calm before the FOMC statement today
