The pound fell by 51 points yesterday. The price has overcome the support level of 1.1385. Today, the Federal Reserve raises rates by 0.75%, so the British currency’s decline may intensify. The nearest target levels are: 1.1305, 1.1170. A correction is likely from the level of 1.1170, as the next target is very low – 1.0830.
Today we will receive data on public sector borrowing (budget deficit) and industrial orders in the UK. Borrowing in August is expected to rise from 4.18 billion pounds, the index of industrial orders from the CBI for September is forecast to fall even more: -11 against -7 in August.
The price has already settled below the level of 1.1385 on a four-hour scale. The Marlin Oscillator is in no hurry to turn around, but it is still in the negative area, the general trend is down. We are waiting for the Fed meeting and further price movement downward.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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