GBP/USD
On Friday, after a slight break of the upper shadow of the target level of 1.2745, the price settled below the balance indicator line. In anticipation of the Federal Reserve and Bank of England meetings, this can hardly be considered as a signal that the price intends to reach the target support at 1.2610.
Most likely, this confirms the market's inability to push through 1.2745, and therefore, we expect the continuation of sideways movement until Wednesday, which is when the Fed announces its decision. The Marlin oscillator, whose signal line is moving horizontally under the zero line, also tells us about it.
On the 4-hour chart, the price is stuck at the intersection of the balance and MACD indicator lines, and the signal line of the Marlin oscillator is moving within the range around the zero line. The price is clearly in waiting mode, and so are we. The pair is following a bullish scenario, with the upper boundary of the price channel targeted around the 1.2878 mark (daily).
