Yesterday, the British pound showed a staggering 180 points drop and almost reached the target level of 1.2073. Today, it can reach this level, after which we expect a correction from it as the market prepares for the Federal Reserve’s announcement regarding its decision on monetary policy. The next target for the GBP/USD pair is 1.1800.
On the four-hour chart, the Marlin Oscillator is turning up from the oversold zone. It needs this to discharge before declining further.
The price may or may not reach the bearish target level of 1.2073 during the oscillator’s rise. Or the goal, the low in May 2020, is not clearly defined. But in the end, in the future, we are waiting for the price in the area of the level of 1.1800.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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