Yesterday, the British pound showed increased volatility, almost covering the entire range of the two-month consolidation at 1.2610-1.2745. The day closed near the upper boundary of the range, and this morning, the price is attempting to break above it.
The Marlin oscillator has moved into positive territory on the daily timeframe, indicating that the pound is ready to advance to 1.2876 through the intermediate target at 1.2826.
The results of the Bank of England meeting turned out to be slightly dovish, as one vote was cast in favor of a rate cut. However, investors were more focused on the date of the first rate cut – in the third quarter of this year. This became a clear sign that the Federal Reserve will join the cycle of rate cuts a quarter later.
On the 4-hour chart, the price has settled above both indicator lines, and the Marlin oscillator has firmly established itself in the uptrend territory. We expect the British currency to rise further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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