On Monday, the pound sterling reached another bearish target of 1.2530, determined as a low on December 14 of last year. If we consolidate below the level, we see the prospect of a decline towards the support of the price channel line of 1.2350. But today, the pound has the opportunity to linger above the level of 1.2530 ahead of the Fed's decision on monetary policy tomorrow. This chance is expressed by a weak reversal of the Marlin oscillator signal line on both graphs.
Today there are moderately positive data on construction in the United States. The number of permits issued for the construction of a new house in May is projected at 1.30 million versus 1.29 million in April, the number of bookmarks for new houses is expected to be at the level of March at 1.24 million. As a result, we still adhere to the scenario with the consolidation of prices below 1.2530.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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