On Wednesday, the British pound fell by 12 pips, causing the Marlin oscillator's signal line to drop below the support level of 0.0216. This raises the chances of the price testing the range of 1.2816 to 1.2847 before the Federal Reserve meeting on March 19. If the meeting does not significantly impact the pound, this range testing may continue until the Bank of England meeting on March 20.
The nearest obstacle for the price in reaching the target range is the MACD line on the four-hour chart, which is situated around 1.2910. The Marlin oscillator's signal line has slightly widened its consolidation range, now indicated by a gray rectangle.
The price may prefer to move sideways within the 1.2910 to 1.3001 range. In this scenario, a break below the 0.0216 support level on the daily chart by the Marlin oscillator would signal a typical cooldown before potential further growth. Overall, the pound appears to be adopting a wait-and-see approach.
