The British pound has been consolidating for the fourth day, trading between the price channel line and the target level of 1.2070. Once the price settles above the channel line (1.2152), the target will be 1.2307, while consolidating below 1.2070 means the target will be 1.1880.
However, even if the pair manages to consolidate in either one of these levels tomorrow, it could still turn out to be a false move on the day of the Federal Reserve’s monetary policy meeting. Therefore, it would be better to wait until Wednesday. On the 4-hour chart, the short-term pressure on the pound is not abating.
The price is moving below the balance and MACD indicator lines, and the Marlin oscillator is turning down as it approaches the bullish territory.
Breaking through the MACD line (1.2168) would confirm the breakout above the price channel line (1.2152). Overcoming strong pressure (if that’s the pound’s intention) requires even more strength, so we await further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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