GBPUSD traders set the support and resistance levels through the Fed decision.

The GBPUSD is trading just above the 1.2900 level at 1.2907. That puts the price between the 100-hour moving average below at 1.28604, and the 200-hour moving average above at 1.29487. Those moving averages will be either more bullish or more bearish barometers for the GBPUSD pair. The Fed decision at 2 PM ET will help to dictate the next bias shift

• If the price moves above its 200-hour moving average at 1.29487 (green line in the chart below), the bias tilts more in favor of the buyers
• If the price moves below its 100-hour moving average at 1.28604 (blue line in the chart below), the bias tilts more in favor of the sellers

In between, the buyers and sellers are still battling it out in the GBPUSD.

The chart below shows the levels in play through the FOMC rate decision today.