At the end of Tuesday, the British pound closed the day with a symbolic increase, but the signal line of the Marlin oscillator rapidly left its wedge and moved upwards (daily chart). In fact, the price is unable to attack the powerful resistance at 1.2444, just above which is the embedded line of the global price channel until the results of today’s FOMC meeting are announced.
A close above this level immediately opens up three targets: 1.2547, 1.2617, 1.2684. An alternative scenario assumes that the FOMC announcement and the subsequent press conference by Federal Reserve Chair Jerome Powell will keep the tension in the markets and the price will fall to 1.2307.
On the 4-hour chart, the price is consolidating below the MACD indicator line, and the Marlin oscillator is trying to gain strength near the boundary of the uptrend territory. A break above yesterday’s high at 1.2423 will be the main signal for an upward move.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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