The British pound did not form a consolidation but it took advantage of the market’s broad weakness, strongly passing through both indicator lines serving as support levels – the balance line and the Kijun-sen line (1.2628). The trading volume was above average. Now, the price may drop below 1.2596, aiming for a deeper target of 1.2517 (the February 5 low).
On the 4-hour chart, the price consolidated below the Kijun-sen line (1.2628) on the day chart. The Marlin oscillator, on a downward trajectory, is slightly turning upwards in the process of a natural correction after a sharp decline.
However, there is a risk of the dollar falling after the release of US data in the evening. The final estimate of the GDP numbers for Q1 is forecasted to be revised down from 1.6% to 1.3%, and durable goods orders for May may decline by 0.5%.
If we consider tomorrow’s key data on US inflation – the Personal Consumption Expenditures (PCE) price index for May, which is not in a rush to fall (forecast 2.6% y/y versus 2.7% y/y in April), the price may stay above the level of 1.2660 during the US national holiday (Wednesday-Thursday), and also in anticipation of employment data to be released on Friday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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