Amidst investors’ shift away from risk, the British pound fell 55 pips on Thursday, reaching the target support level of 1.2847. The signal line of the Marlin Oscillator has slightly dipped below the boundary of the bearish territory but is now preparing to return to the bullish area.
If this happens, the price is expected to stay above the 1.2847 level for a few days, likely until the Federal Reserve meeting on the 31st. On the 4-hour chart, the price and the Marlin Oscillator have formed a weak convergence, which is enough for a moderate correction, roughly to the consolidation range of July 19-23 (gray rectangle).
The MACD indicator line has turned downward, showing the direction of the medium-term trend. Therefore, until the Fed meeting, any rise in the pound, even if it exceeds 1.2989, will be corrective.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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