Yesterday, the British pound settled under the level of 1.1500. It is trying to get over it again this morning. There is a repetition of the situation on September 5-8, when the price was winding up to the same level of 1.1500. But then the Marlin Oscillator was in the downward trend area and the price was below the MACD line, but now everything is different.
Today’s Federal Reserve meeting can push the pound under the MACD line (1.1330) and give it a downward momentum, at which, with a probability of 89.2%, the rate will be raised by 0.75%.
On the four-hour chart, the price is already winding up on the MACD indicator line and also on the balance indicator line. The Marlin Oscillator is in negative territory, but close to the zero neutral line.
The situation as a whole and in particular is neutral. We can only wait for the Fed’s announcement and the market’s reaction. Our main scenario assumes a decline, but the alternative gives the price a chance to rise to 1.1760 (July 14 low).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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