Yesterday, the British pound fell 59 pips in line with the broader market. The price reached the support of a brief consolidation from May 20-23. If the US releases strong US GDP numbers for Q1, the pound may continue to move towards the support of the MACD line at 1.2637. The Marlin oscillator is steadily decreasing. Overcoming 1.2637 opens the target of 1.2596 (the March 1 low).
On the 4-hour chart, the price has settled below the balance and MACD indicator lines, firmly consolidating below them. The Marlin oscillator is slightly correcting, easing tension before the expected downward movement.
Tomorrow, the US will release data on consumer income/expenditure (forecast 0.3% for each gauge) and business activity in the Chicago region – forecast at 40.8 in May compared to 37.9 in April. The pound has a basis to fall further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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