Yesterday, the British pound tried to reach the target resistance at 1.2745 but lacked external support, so it eventually abandoned this attempt. The Bank of England meeting is scheduled for today. Core CPI rose by 3.5% in the year to May 2024, down from 3.9% in the year to April 2024, while the CPI rose by 2.0% in the 12 months to May 2024, down from 2.3% in the 12 months to April, reaching the target inflation level.
However, the BoE is expected to hold interest rates, so the central bank may announce a rate cut at the next meeting on August 1, with a decisive 3-4 votes in favor of a rate cut at today’s meeting.
On the daily chart, the Marlin oscillator ignored the price’s growth over the last three days and pointed to a bearish reversal, while it is still in the downtrend territory. It’s time to be decisive, we expect the pound to fall to the target level of 1.2596 (March 1 low), and then to the target level of 1.2517 (February low). The support of the Kijun-sen line at 1.2633 currently plays an intermediate role.
On the 4-hour chart, the price turned down from the resistance of the balance and Kijun-sen indicator lines. Marlin has entered the bullish territory and is now trying to return below the zero line. We’re waiting for the BoE meeting.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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