The British pound decided to follow in the wake of increased market risk; the US stock index S&P 500 rose by 1.96%, the yield on 5-year government bonds increased from 3.47% to 3.59%, and the pound itself added 28 points. On the daily chart, the Marlin oscillator turned up from the zero line, and now the price has enough technical support to attack consecutive target levels: 1.2524, 1.2545, 1.2598.
However, this is just a potential to do so. There are three days left until the Federal Reserve’s rate decision, so we don’t know whether the bulls’ potential will be realized by that time. Nevertheless, if the Fed’s decision turns out to be favorable for counter-dollar currencies, the pound may reach the level of 1.2666.
On the four-hour chart, the price bounced up from the MACD line. At the same time, the Marlin oscillator turned from the zero line to growth (arrow). The potential and short-term trend are pointed upwards.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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