Yesterday, the Bank of England announced its decision on monetary policy. The interest rate remained unchanged, but three committee members voted to raise rates, contrary to the expected two. The pound closed the day up by 150 pips. The quote exceeded the target level of 1.2745. Now it can reach a new target – 1.2837, followed by 1.2930, located near the upper band of a descending hyperchannel. From this level, we expect a deep or prolonged correction.
The MACD indicator line has turned upwards, and we can expect an upward move in the medium-term. On the 4-hour chart, the price is supported by the level of 1.2745, which it overcame yesterday. Since the Marlin oscillator is turning down from the local overbought territory, the price can surpass the support level, although not as steep.
We expect the market to cool off in general and resume growth. In this regard, today’s UK PMI data is expected to rise, and the expected decrease in US PMI may support the pound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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