The British pound gained 82 points on Tuesday despite investors’ concerns about a rate decrease at the upcoming Bank of England meeting. The target range of 1.2598-1.2666, which will be the subject of the conference in five weeks, is already extremely close (the high in May 2022 and the low in September 2020 serve as the range’s upper and lower limits, respectively).
The moment of its reflection from the daily-scale MACD indicator line established the momentum for price growth from a technical standpoint. The Marlin oscillator, which has broken out of its upward consolidation zone, is helping the pair rise above the target level of 1.2422 today.
On the H4 chart, the price is going up above both indicator lines, while the Marlin oscillator is going down slightly in the positive area. This shows that tension will likely ease before the price goes up again.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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