The pound traded in a 75-point range yesterday, with trading limited by the target levels of 1.2598 and 1.2666 (slightly crossing over the upper level). Today, the pound awaits the Bank of England’s decision to raise the rate by 0.25% to 4.50%.
If investors have not yet forgotten John Williams’ warning from the Federal Reserve about the central bank’s intention to continue raising rates (or, if not raising, not lowering them for a long time), then the pound’s growth is possible, perhaps only in the event of aggressive comments from the BoE (or vote distribution).
The technical situation increases pressure on the pound due to the divergence with the Marlin oscillator. Closing below the 1.2598 support level will allow the price to develop an attack to the target level of 1.2447, which the MACD indicator line is approaching. Today, closing above 1.2666 opens the target of 1.2785.
A divergence has also formed on the four-hour chart. Below the 1.2598 level is the MACD line (1.2588), so it would be better for the pair to close the day below this line, and even better if it consolidates.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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