Yesterday, the British pound traded within a range of 110 pips, closing the day with a 5-pip increase. Such volatility allowed the price to hold below the resistance level of 1.2785 and the Marlin oscillator to stay in a downward direction. Today, the price has a chance to retest the support level of 1.2678 and, if successful, it may fall towards 1.2600.
Consolidation above 1.2785 would allow the price to continue rising according to an alternative scenario towards the level of 1.2870. The next target is 1.2940. On the four-hour chart, we can see that the price’s failure to consolidate below the MACD indicator line has brought the price back above this line, but now with consolidation. The Marlin oscillator is in negative territory, so there is a possibility of another attempt to break downward.
Today, the Bank of England will make a decision on monetary policy, and a 0.25% rate hike is expected. However, consulting agencies suggest that this increase is already priced in, so investors will focus on the central bank’s further plans.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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