Yesterday, the British pound failed to extend its downward movement due to a sudden increase in risk appetite across the market. However, the situation has turned stable, and the pound may even fall ahead of tomorrow’s Bank of England meeting, as GBP/USD has already gained 4 pips yesterday.
The signal line of the Marlin oscillator is in bearish territory, moving horizontally, under pressure. On the 4-hour timeframe, the Marlin oscillator has moved into the bullish territory and is pulling the price upwards.
Perhaps the pound will test the resistance of the MACD line at 1.2723, but attempting to test the target level of 1.2745 ahead of the BoE meeting looks risky. It seems that it would be convenient for the pound to wait within yesterday’s range.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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