Contrary to what many market participants expected in light of strong employment and inflation readings in the U.S., the Fed were surprisingly dovish at their yesterday's meeting, citing global economic developments as main risk.

Cable rose 150 pips in the two hours after the release which added to 220 pips from the day's low. 50 DMA is the immediate resistance with last week's high (~1.4435) the next target. 1.40 support remains firmly in place as Brexit worries seem to subside somewhat.

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