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Following yesterday's Bank of England decision to cut the rate with a minimal majority (5 to 4), the British pound consolidated above the 1.3364 level, opening the path toward the target resistance at 1.3631.
However, since the rate was ultimately cut — and the market had not previously priced in this move, as we noted earlier — we now outline two intermediate levels: 1.3452 and 1.3525, either of which may act as a reversal point. At the moment, the price is hesitating near the first intermediate level.
The signal line of the Marlin oscillator has entered positive territory, but without price consolidation above 1.3452, it could quickly retreat. A move back below 1.3364 would cancel the risk of further upward movement and open the path toward 1.3253.
On the four-hour chart, the price is pulling back slightly from the recently reached resistance, and the Marlin oscillator is also declining. The current trend remains upward, but confirmation requires a firm hold above 1.3452. Within this trend, a corrective pullback has become likely. The chances of false moves in the coming days are increasing.
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