Contrary to our expectations, the British pound rose yesterday after the European Central Bank’s rate cut. This morning, the price reached the target of 1.3141 (the peak of July 2023), and the Marlin oscillator consolidated in the positive zone. The target at 1.3220 is now open.
It is possible that the price plans to work out the upper boundary of the price channel at 1.3246 and, if possible, reach the target level of 1.3300 (the peak from March 23, 2022). That is, of course, if a hawkish statement from the Federal Reserve next week doesn’t interfere with this plan. To confirm the growth, the price needs to consolidate above 1.3141.
In the four-hour chart, the price has reached the MACD line. The Marlin oscillator outlined a downward reversal, but the probability of the price consolidating above 1.3141 exceeds the likelihood of a reversal from the reached resistances, as the price went above the balance indicator line. The price may attempt to achieve some upper target before the Federal Reserve 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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