GBP/USD Tests Resistance Ahead of Fed- Decision TimeBritish Pound / U.S. DollarFOREXCOM:GBPUSDFOREXcomThe bulls exhausted into confluent resistance last week at the 2024 HWC at 1.3377- note that the 75% parallel of the descending pitchfork converges on this threshold this week and a breach / weekly close above would be needed to fuel the next leg of this advance towards key resistance at the 61.8% retracement / September HWC at 1.3453/69. Look for a larger reaction there IF reached- strength surpassing this level would suggest a more significant trend reversal is underway with the next major technical consideration eyed at the 2025 HWC at 1.3648. Initial weekly support now rests with the July low-week close (LWC) at 1.3280 and is backed by a key confluent zone at 1.3149/54. This region is defined by the 61.8% retracement of the November advance, the 52-week moving average, and the median-line. Ultimately a close below the 1.3080 would be needed to mark resumption of the broader June downtrend with subsequent support objectives seen at the March high-week close and the 2024 March high at 1.2894/95. Bottom line: Sterling is testing resistance this week- risk for inflection off this mark as we head into the Fed rate decision later today. From a trading standpoint, the immediate focus is on a breakout of the 1.3280-1.3372 range for guidance- ultimately, rallies would need to be limited to 1.3469 for the June downtrend to remain viable with a break below the 52-week moving average needed to fuel the next leg of the decline. -MB