The British pound did not react to yesterday’s announcement of the Federal Reserve’s monetary policy adjustment (closer monitoring of the labor market). It only rose by 19 pips, following the broad strengthening of counter-dollar currencies. However, the price has climbed above the resistance level of 1.2847, and today, it opened above this mark. Suppose it closes the day with a white candlestick. In that case, it will signify a price consolidation above this level and formally open the target at 1.2989, especially if Marlin moves into bullish territory.
But for now, let’s set aside technical analysis, as today, the Bank of England is expected to lower the interest rate from 5.25% to 5.00%. If more is needed for a substantial decline based on the anticipated news, given the Federal Reserve’s position, conditions will not support any minor growth either. Therefore, we expect the price to fall to 1.2755 and further to 1.2722 – the MACD line. A consolidation below this line will confirm the British currency’s weakness in the medium term.
On the 4-hour chart, the wedge of the Marlin oscillator’s signal line has slightly changed, but in general, it retains a bearish potential – a probable bearish breakout. The limit of the correction is the MACD line at 1.2887, which coincides with the July 29 high.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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