Over the past two days, the British pound has moved 180 pips, breaking through the support at 1.2610. After the price consolidates below this level, we expect it to fall towards 1.2524. A possible correction is limited by the March 19 low at 1.2666.
Economists expect positive results for the upcoming U.S. economic data: today’s new home sales report (2.12% for February), and on Tuesday’s durable goods orders (1.2% for February) and consumer confidence (106.9 for March compared to 106.7 in February). No scheduled reports for the UK, which gives the dollar an advantage.
On the 4-hour chart, the price has settled below the level of 1.2610. In addition, the Marlin oscillator has confirmed the downward trajectory. However, at the moment, the price is rising above resistance and attempting a correction. After the end of the correction, we expect the price to return below the level of 1.2610 and further decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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