The British pound rose 53 pips after the Federal Reserve meeting, approaching the target resistance of 1.2645. The Marlin oscillator’s signal line entered positive territory. However, there are doubts regarding how stable the upward movement is. Yesterday, UK reports showed that the trade balance deteriorated, industrial production declined (for October, -0.8% YoY compared to 0.0% YoY in September), and GDP was down to 0.3% YoY from 1.3% YoY.
As a result, committee members may lean towards an earlier rate cut to avoid the economy slipping into a recession. Overall, the uptrend remains intact, but we expect its growth to be slower than that of other European currencies. Surpassing 1.2645 means that the next target will be 1.2745 – the peak on August 30.
On the 4-hour chart, the price has risen above both indicator lines, and Marlin has forcefully entered the uptrend territory. We expect the price to consolidate above the nearest resistance and further rise to 1.2745.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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