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By the end of yesterday, the British pound had settled below the 1.3369 level. But let's take a look at the weekly chart — here, the price has tested support at the MACD line:
A drop below this line would open the way toward the 1.3040 target — the embedded line of the global price channel, coinciding with the resistance levels from July and November 2024 (checkmarks).
On the daily chart, the nearest target is support at 1.3265 — the peak from August 2024.
Reaching this support would automatically mean a break below the weekly MACD line. Intermediate levels on the way to the main 1.3040 target are marked on the chart: 1.3206, 1.3090. This is the main scenario.
Under the alternative scenario, a consolidation above 1.3369 would return the price into a zone of uncertainty, with the upper boundary at 1.3631.
On the four-hour chart, the price is showing signs of consolidation below the 1.3369 level. From above, the MACD line is approaching this level, reinforcing it and slightly increasing the likelihood of a downward move in connection with the FOMC meeting this evening.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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