Yesterday, the dollar strengthened by 1.02%, and the pound led losses in the currency market by falling 1.10% (137 pips). This confirms the British currency’s weakness over the past week. After a break below the support level of 1.2596, the price is moving towards the target support at 1.2460. Falling below this level will make it possible for the price to reach the target at 1.2370 (the low of November 17, 2023).
The price sharply dropped as the Marlin oscillator turned down from the zero line. As a result, we can assume that Marlin is moving in a descending channel, and it still has a long way to go to reach its lower boundary; the signal line of the oscillator has only passed halfway through the range.
On the 4-hour chart, the price has settled below the balance and MACD indicator lines, while Marlin is in a rush to defuse before the European Central Bank meeting. Today, we will also highlight the US Producer Price Index (PPI) data. The core PPI for March is expected to increase from 2.0% y/y to 2.3% y/y, and the PPI is expected to rise from 1.6% y/y to 2.2% y/y. This could strengthen investors’ desire to continue risk-off trading.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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