At the end of last week, the price tried to attack the support of the MACD indicator line (blue moving one), but because of the sharp growth of the adjacent markets, the pound’s growth on Friday blocked Thursday’s decline. As a result, the quote was in the range of December 22.
What does it mean? Judging by the volumes, which were rather high for the beginning of the new year, the pound intends to overcome the main resistance of the second half of December – 1.2155. If the price settles above this level, the pair may reach the 1.2410 target.
Important macro data will be released on Thursday – the US inflation data will be published according to the schedule, so I don’t expect a qualitative market growth (if any) before that moment, even at the stock exchanges, because the S&P 500 grew by 2.28% on Friday only because Charles Evans made a statement regarding the 0.25% rate hike at the Federal Reserve’s next meeting. But the realization that even the current rate of 4.50% is already becoming heavy on the stock markets may quickly bring investors back to reality.
On the four-hour chart, the price is completely in an upward position. However, such a technical situation has occurred more than once since the end of December 2022. In general, I see sideways movement in the range of 1.1933-1.2155 and I am waiting for further developments. The main scenario is downward.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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