GBP/USD falls to a low of 1.3163, closes in on the 100-hour MA

But the range for the day remains relatively narrow. Cable still sits in a 22 pips range so far. But of note, price is closing in on a test of the 100-hour MA (red line) @ 1.3160. Hold above, and the near-term bullish bias is maintained.

Overnight trading saw the pound stay well-bid but price failed to take out the 1.3200 handle in GBP/USD. And I would expect the same kind of price action to hold out until the FOMC meeting to come later in the day - barring any Brexit headline surprises that is.

Downside risk levels will be defined by the two key hourly moving averages while upside will be limited by the 1.3200 handle as well as the 19 September high @ 1.3215. These levels should contain price action until we have a clear view of what comes next post-FOMC meeting.