An interesting nuance in yesterday's price behavior of the British pound is that it moved into a correction after preliminarily reacting to the support level of 1.3369, which it had not reached on Tuesday. This indicates the level is effective, and another upward rebound from it is possible if the market considers yesterday's move insufficient.
Only a consolidation below this level would open the way for further decline toward 1.3233. Between 1.3233 and 1.3369, the price spent 22 sessions in April–May, so it's possible that it is aiming for this range again, where it may also encounter the upcoming Federal Reserve rate decision. The decision itself is expected to be hawkish, given that inflation in the U.S. is rising. Therefore, it would be more convenient for the pound to approach this event from lower levels rather than from higher ones.
On the four-hour chart, the price is moving below both descending indicator lines, and the Marlin oscillator remains in negative territory. The trend, both here and on the daily chart, remains downward.
