Yesterday, the British pound pierced the target level at 1.2745 with the upper shadow. The movement was optimistic but ultimately turned out to be weak – this morning, the price is once again below the balance indicator line on the daily chart. The Marlin oscillator is struggling to attack the zero line.
Clearly, the pound needs external help, and today’s European Central Bank meeting will be such a stimulating event. If the central bank provides the expected hawkish signal to the markets, the pound may confidently and substantially surpass 1.2745.
This would open up the target at 1.2826 and the upper boundary of the price channel at 1.2884. If the ECB turns out to be firmly dovish, GBP/USD could test the support at 1.2610 – the lower boundary of its two-month range.
On the 4-hour chart, the price is progressing above the balance and MACD indicator lines. The Marlin oscillator is in the positive territory, and its signal line is very close to the border of the downtrend territory.
The current situation can be described as a state of heightened readiness – the price may either sharply reverse upwards from the support of the indicator or break through them, gaining bearish momentum. We await the ECB meeting. The pair is following a bullish scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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