Yesterday’s increase in the base rate by the Bank of England from 1.00% to the expected 1.25% was superimposed on the unexpected increase in the SNB rate from -0.75% to -0.25% and pulled the pound out of the deep fall of the last decade.
On the technical side, the unexpressed price convergence with the Marlin Oscillator on the daily chart was fully realized. The signal line of the oscillator touched the zero line and shows a desire to turn back. But the price can both turn around and continue to grow to the target range of 1.2436/76 with equal probability, where the MACD indicator line will already be waiting for it. A confirmation of the strength of the bearish sentiment will be when the price leaves the area under the target level of 1.2250. Then the 1.2073 target will open. This is our main scenario.
The situation is by no means going downward on the four-hour scale. The price settled above the MACD line, Marlin is growing in the positive area. But time is now working against the price. If it fails to push off from the MACD line, then the next open bars will be below the MACD line, the price will aim for the signal-target level of 1.2250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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