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The British pound experienced a decline of 55 pips yesterday, consolidating below the daily MACD line (indicated by the blue line). It is now preparing to test support at the 1.2367 level. This downward movement may be influenced by today's FOMC announcements; however, since the Federal Reserve is not expected to change interest rates, the pound's downward momentum could continue. If this scenario occurs, the next target would be 1.2186.
Conversely, a bullish scenario could develop if the price consolidates above the 1.2500 level. In this case, potential targets would be 1.2616 and then 1.2708.
On the four-hour chart, the Marlin oscillator has settled into bearish territory as it awaits the FOMC decision. The 1.2367 level is further supported by the MACD line, making it a key strategic level in the short term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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