For the first time in over a decade, the central bank is expected to start raising rates, and the market consensus is for a 25bps hike, although bets on a bigger 50bps increase have increased recently. Since the beginning of the week, the pair has been rising, with a recent push back above last weeks high around 1.0200. We are moving within a larger timeframe trend to the downside, and levels of resistance are not too far off at 1.0350 - 1.0400. There may be a push up into this area on Thursday, and from there I will monitor price action to see if we can fade a move with potentially targeting a move back down to parity.
As you can see on the daily chart below, I have highlighted my area of interest which is resistance on this timeframe, and I will then monitor price movement from there.
On the 2 hour chart, I will simply follow structure up to the level and then wait to see the outcome of the meeting on Thursday. A surprise hike may result in further upside but I think the best plan of action is to have your levels marked out and then wait for the meeting. Price action will determine if I get involved with this market, but I have a plan in place and will execute if everything falls into place, if not, then we wait until the next opportunity arises.