Yesterday, the British pound traded within a range of 81 pips, providing false signals in both directions on lower timeframes. However, in the end, nothing happened, and this morning, the quote is holding onto the balance line on the daily timeframe.
The signal line of the Marlin oscillator continues to move sideways (but in the downtrend territory, indicating the market’s fear of rising ahead of the FOMC meeting). Our main scenario assumes that the pound may rise following the FOMC meeting. The Bank of England meeting is scheduled for tomorrow. In the end, we expect the price to be near the upper boundary of the price channel around the 1.2876 mark.
On the 4-hour chart, the price made a repeated false move down below the MACD line. Technically, it looks like the price is tilting on the neutral axis, which is the role that the MACD line plays. The Marlin oscillator is slightly suppressed, forming waves in the downtrend territory.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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