The British pound gained 54 pips yesterday, as it continues the same sideways action under resistance at 1.2420. Risk appetite was tempered by yesterday’s sea of protest in Britain as about 500,000 workers joined in the day of mass action.
But today the Bank of England is expected to raise the rate by 0.50% to 4.00%. Considering that the pound rose against the Federal Reserve’s rate hike by 0.25%, we are waiting for the price to break through the resistance at 1.2420 and further rise to the target range of 1.2598-1.2666 (the highs of the beginning and the end of May last year).
On the four-hour chart, the price surpassed the balance indicator line – the short-term trend has shifted to growth, the MACD line is close to the resistance at 1.2420, it is possible to overcome this while the price crosses this level. The Marlin oscillator is in the positive area, just ahead is a large space for growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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