By the end of yesterday, the British pound declined by 82 pips, breaking through the target support at 1.3369. Today's session opened below this level, and a daily close beneath it would confirm that the price has consolidated below the support, signaling that market participants are ready to sell the pound ahead of the FOMC meeting.
This approach appears justified, as the U.S. central bank is expected to maintain its interest rate for an extended period. Some forecasts even suggest no more than one rate cut before the end of the year, possibly not until December. The Marlin oscillator is nearing the lower boundary of its descending channel. The next bearish targets are:
- 1.3265 – the high from August 2024
- 1.3206 – the peak from April 3 of this year
- 1.3139 – an intermediate level
- 1.3090
On the four-hour chart, the price has consolidated below the 1.3369 level. The upward turn of the Marlin oscillator suggests a possible relief move before a smoother continuation of the downtrend. During this time, the price may consolidate below 1.3369.
