On Monday, the British pound remained within the consolidation range from the first half of May, between 1.3253 and 1.3364 (range boundaries have been slightly adjusted). On the daily chart, the Marlin oscillator is pointing upward, indicating a potential extension of the consolidation phase.
A breakout above or below the range will determine the direction for the next several days. The main scenario remains unchanged — a decline toward 1.3090, followed by 1.2955. On Thursday, the Bank of England will announce its monetary policy decision, and the consensus forecast suggests a 25-basis-point rate cut.
On the four-hour chart, the price is held back from rising by the MACD line. The Marlin oscillator is beginning to turn downward. The price will likely continue moving sideways above 1.3253 until external pressure pushes it lower.
