The pound sterling is waiting for momentum from the Federal Reserve meeting. Yesterday, the pound rose by 77 pips, and the Marlin oscillator tried to return to the uptrend territory. If today’s Fed meeting indicates a slowdown or signals an end of the tightening cycle, the pound may trade higher. The first target will be 1.3034.
Encouraged by success, the pound may try to break above the upper band of the green descending price channel (1.3138), which started in November 2007. Leaving the channel opens the way for growth in the medium-term. If the Fed maintains a firm stance, we should watch for attempts to break the target range of 1.2666-1.2720, where the MACD line is located, as its breakthrough will signal a decline in the medium-term, with the nearest target at 1.2533.
On the four-hour chart, the Marlin oscillator is full of optimism – it is already in the positive area, while the price is still below the balance and MACD indicator lines. Currently, the price is consolidating below the nearest resistance level at 1.2903. On its way to 1.3034, the MACD line at 1.2967 poses serious threats to the pound’s growth. We are waiting for the Fed meeting – will the British currency receive any support for growth, or will it continue to fall?
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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