Yesterday, the British pound managed to rise 63 pips, breaking through the resistance level at 1.2745 and the MACD line. If the price manages to consolidate above 1.2826, it may rise to the target level of 1.2940. If we don’t see a divergence with the oscillator around this level, then the price may aim for the 1.2994-1.3020 range.
Today, the Bank of England meeting will take place. If two members of the Monetary Policy Committee express their dissent against a rate cut, compared to one at the previous meeting, this may affect the pound’s growth, increasing the probability of a technical divergence – the Marlin oscillator will slow down the upward movement.
On the 4-hour chart, the price has settled above the MACD indicator line. The Marlin oscillator is steadily rising in the uptrend territory. We expect the pair to rise, with the price consolidating above 1.2826. This is the main scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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