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The British pound, once again after the 22nd, reached the target resistance at 1.3525. This level is strong because indicator lines on lower timeframes have approached it, so the pair may consolidate around current prices, awaiting the release of US Personal Consumption Expenditures (PCE) data.
The forecast is as follows: core PCE is expected to rise from 2.8% y/y to 2.9% y/y, while headline PCE is expected to remain unchanged at 2.6% y/y. Given the increasing price sentiment and the upcoming Federal Reserve rate cut, investors will look for positives in the released data. For example, an in-line print may be reflected in business media as a "priced-in" factor—growth targets: 1.3593 (MACD line), 1.3631 – the June 13th high.
The bearish target is 1.3364, but the entire range of 1.3364–1.3525 is a free-floating zone, so its lower boundary may not be reached.
On the four-hour chart, the 1.3525 level is reinforced by the MACD line and serves as the point of reversal. The Marlin oscillator, like the price, fluctuates within a range. It remains to be seen what the news release and the market's reaction will be.
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