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Today, the British pound opened with a bullish gap of 50 pips. Typically, after reaching the nearest resistance level (in this case, 1.2994), the price would turn around to close the gap. However, the situation is anything but typical, with the U.S. presidential election on November 5-6 and monetary policy decisions from the Federal Reserve and Bank of England on November 7. There are even rumors (or, more precisely, views from some commentators in the Western press) that the BoE might lower the rate by 0.50%. This anticipation of significant events in the coming days has created an apparent overload in the market.
In this environment, it's impossible to calculate the currency's movement precisely. For now, the pound shows a tendency to rise, meaning that if it moves above the resistance at 1.2994, the price may continue upward toward 1.3080. Whether it has the strength for further growth will become apparent after the election. The convergence between the price and the Marlin oscillator is still in effect.
On the H4 chart, the situation remains entirely bullish—the price rises above both indicator lines, and the Marlin oscillator is also climbing after moving into positive territory this morning. Moving below the MACD line (1.2915) would extend the decline to the first target of 1.2859.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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