Yesterday, the British pound became the leader of the fall: -1.54%, while the dollar index rose by 0.74%. The price is approaching the support of the MACD line (1.1312), having overcome it, it will be able to continue its decline to 1.1170.
Today, the US is expected to ease inflationary pressure in October estimates (CPI 8.0% y/y versus 8.2% y/y in September), which may slow down the decline, and tomorrow the British GDP forecasts could show a drop of 0.5%. The Marlin Oscillator is already preparing to move into negative territory this time.
The pound is in a completely downward position on the four-hour chart – the price is developing under the MACD indicator line, the signal line of the Marlin Oscillator has overcome the zero line from top to bottom and ended up in the territory of a downward trend. Now the price needs to accumulate strength before attacking 1.1312.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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