Pound fell by 88 pips, approaching the nearest support level of 1.2610. The decline may continue as forecasts say the UK CPI data for December will dip to 3.8% year-on-year, slightly lower than the previous month’s 3.9%. However, in the case of slightly higher inflation, pound will turn around and rise.
The pair currently trades within the range of 1.2610-1.2745. A consolidation below the lower boundary will push the quote to 1.2524 or slightly lower, towards the lows of December 7-13.
On the four-hour chart, the pair remains under the balance and MACD lines, but the Marlin oscillator has optimistically turned upwards. Whether this optimism will be sustained, and whether the price will pick it up, market players will find out today.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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