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After yesterday's 0.25% rate cut by the Federal Reserve and the hawkish rate outlook from FOMC members, the British pound plummeted by 135 pips. The price broke through the 1.2616 support level, paving the way toward the next support at 1.2510. The Marlin oscillator on the daily chart has firmly settled in negative territory, confirming the downward trend.
Today, the Bank of England is expected to keep the current rate at 4.75%, but markets anticipate a resumption of rate cuts starting in February, potentially lowering it to 3.25%. This approach would still be softer than the Fed's strategy.
On the H4 chart, the price is slightly rising upwards, which aligns with the Marlin oscillator's reversal from oversold territory. The 1.2616 resistance level acts as a barrier to further growth. Once the correction is complete, the price is expected to resume its movement toward the target support at 1.2510. A break below this level would open the path to 1.2447.
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