The British pound traded within a range of 100 pips yesterday, bouncing off the support level at 1.2524. The price did not reach the target resistance at 1.2645, which was quite high. However, today there is a good reason for it – the Federal Reserve’s decision on monetary policy.
It is very likely that the event, accompanying statement, and Fed Chair Jerome Powell’s speech will be positive, indicating the end of the rate hike cycle, which will boost counter-dollar currencies. The second target for the pound is 1.2745.
On the 4-hour chart, the price continues to struggle with the resistance of the balance line. The Marlin oscillator has settled in the positive territory, providing support for the bulls. Above is the resistance of the MACD line (1.2614), coinciding with yesterday’s high.
Therefore, overcoming this level enables the pair to rise and traders can attack 1.2645. Consolidation below 1.2524 will disrupt this main plan and open the target at 1.2373. But even if this happens, the Bank of England meeting will be held tomorrow, which could bring back the upward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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