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Yesterday, the Bank of England cut its interest rate by a quarter point, with only seven members of the Committee voting in favor of the decision, contrary to the consensus forecast that all nine would support it unanimously. As we anticipated in yesterday's analysis, the market was not prepared for the rate cut, and as a result, the pound declined by 46 pips by the end of the day.
Currently, the price is testing the target range of 1.3184–1.3208. A break below the lower boundary allows further decline toward the target level 1.3101. The MACD Line is approaching this level, which may support a price reversal from this support area. The intersection of the MACD Line and the 1.3101 support is expected on Wednesday, May 14, which could become a potential turning point.
On the four-hour chart, there are still no signs of a reversal. However, if the price fails to break through the 1.3184–1.3208 support range, it must rise above the 1.3311 level and the MACD Line to confirm a reliable reversal. This will also require time, potentially resulting in sideways movement in the meantime.
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