The pound continues to settle before the resistance at 1.2420. On the daily chart, the signal line of the Marlin oscillator is slightly inclined downward, which may indicate the price’s desire to fall to the lower limit of the consolidation range – to the low of January 24 (1.2262).
On the four-hour chart, the price is between the balance and MACD indicator lines, the Marlin oscillator is in the green zone near the zero line, and the situation is neutral overall.
On Wednesday, the Federal Reserve will release its monetary policy decision. Obviously, this event will be the driving force behind the Forex market. The U.S. consumer confidence index for January will be released tomorrow. The forecast is 109.0 compared to 108.3 in December. The data (and the expectation thereof) may keep the pound from rising.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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