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Yesterday, the pound sterling closed at the opening level, targeting 1.3001. This allowed the price to start today with a quiet upward movement above this level. The Marlin oscillator successfully completed its task, reaching its support level at 0.0133, and we now expect it to turn upward.
The next target for the pound is 1.3101, which corresponds to the high on October 15, 2024.
We believe today's Bank of England meeting will support the pound, as the voting forecast for keeping rates unchanged is expected to be 7 to 2.
On the H4 chart, the Marlin oscillator's signal line has turned upward from the neutral zero line. Although the price briefly dipped below the MACD line, it quickly rebounded and is now above the 1.3001 resistance level. We anticipate further growth for 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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