As a result of yesterday, when the Russian President announced the mobilization of 300,000 military from the reserve (the number may be reduced depending on the situation in Ukraine) and the Federal Reserve raised the rate by 0.75%, the British pound lost 109 points.
The Bank of England will hold a meeting today, and the rate can also be raised by 0.75%. The change in the rate is significant, and it can stop, or even turn the pound rate into a correction.
From a purely technical point of view, we expect the support price to work out at 1.1170, then convergence with the Marlin Oscillator and recovery to 1.1385 is likely. Consolidating below 1.1170 is undesirable for the pound, as it will lose market support and will fall until investors get tired of selling (the target at 1.0830 is a technically powerful support for higher timeframes).
The price is completely in a downward position on the four-hour chart, but here, too, the price is converging with the Marlin Oscillator. We are waiting for the BoE meeting and look forward to corrective growth of the British pound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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