The pound fell by 79 points on Monday, stopping exactly at the upper limit of the target range of 1.2436/76, the price rising this morning. The sharp rise of the Marlin Oscillator on the daily scale chart immediately attracts attention. An aggressive price correction is likely ahead of the Federal Reserve’s rate decision on Wednesday. But the nearest target level at 1.2730 is still unlikely to be reached.
On the four-hour Marlin chart in the positive area, the oscillator continues to grow. The target is the MACD indicator line, around 1.2615.
The pound’s succeeding behavior seems difficult – it needs to survive two rate hikes in two days – tomorrow the Fed will raise the rate to 1.00%, the day after tomorrow – the Bank of England will also raise the rate to 1.00% (from the current 0.75%). From purely technical prerequisites, the price is preparing to work out a wide range of 1.2476-1.2730.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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