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On Monday, the British pound rose by 60 pips, approaching the key resistance level of 1.2708, which aligns with the balance line. However, the sudden weakness of the Marlin oscillator casts doubt on the pound's ability to settle above this resistance firmly.
If the price consolidates above 1.2708, further movement toward the target range of 1.2816/47 will face challenges due to the Federal Reserve's monetary policy meeting scheduled for Wednesday. The subsequent Bank of England meeting on Thursday could pull the pound back to the target range, but this is likely a short-term phenomenon. In other words, high volatility in the pound is expected until the end of the week.
In the 4-hour timeframe, the Marlin oscillator has moved into the positive territory. The price currently faces two resistance levels: 1.2708 and 1.2742 (the MACD line).
If the price consolidates above the MACD line and the Federal Reserve's decision creates a favorable backdrop, the pound could target the 1.2816/47 range.
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