The British pound in this “week of the central banks” may work out the convergence (divergence) in expectations of changes in the rates of the Federal Reserve and Bank of England. While the Fed is expected to tighten its rhetoric, the BoE is not expected to do so. Perhaps such a change will only take place in February, as there are many unclear questions in England from the coronavirus to the state of the economy and its prospects.
The pound has grown a little over yesterday, and an upward movement has been outlined on the daily scale, as the Marlin Oscillator is directed upward. The first target of 1.3312 growth is the Fibonacci level of 138.2%, the second target is 1.3412 (the level of 123.6%), but this visual representation may be violated with the announcement of the results of today’s Fed meeting. If investors see a shift towards tightening monetary policy, the price will move down to the first target of 1.3160, then the 1.3012 target may open.
On the H4 chart, the price has already bounced off the resistance of the MACD line three times, respectively, consolidating above it, above 1.3250 will open the 1.3312 target. But the preferable option seems to be that the price moves below the signal level of 1.3190 and an attack on the target level of 1.3160 with an attempt to settle below it.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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