The pound traded within a 125-pip range on Friday, closing the day down by 50 pips. The price did not linger in the support range of 1.3090-1.3120, indicating that it is not in a hurry to drop below this range, even if the plan to move towards 1.2994 remains.
There is no rush, as the pound must still endure rate cuts by the European Central Bank and the Federal Reserve before the Bank of England’s rate decision. However, consolidating the price below 1.3090 opens the path to 1.2994, and consolidation below 1.2994 would allow reaching 1.2859 (the high of June 12). In the 4-hour chart, the MACD line has turned downward, defining the direction of the medium-term trend.
The price is slightly above the balance line, and Marlin is just above the zero line. The price may continue to move sideways until it is pressed down from above by the MACD line, which could take 2-3 days. The price may extend the support range, or rather the wandering range, to 1.3080-1.3154.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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