On the daily chart, the GBP/USD pair reversed from the resistance of the MACD indicator line and declined by 57 pips yesterday. The Marlin oscillator reversed downwards, but to confirm the reversal, the price should fall below the support level of 1.2155.

We hope that today's Federal Reserve rate hike of 0.25%, much less 0.50%, will strengthen the pound's downward movement.

The alternative scenario, when the Fed suddenly shows "softness", will encourage the price to go above the MACD line and above the highs of Monday and Tuesday (1.2283), and after consolidating above the level to extend growth to the target level of 1.2420.

On the four-hour chart, the price divergence with the Marlin oscillator is increasing. The oscillator signal line has already broken through the area of the downtrend. The MACD line is below 1.2155, approaching it. Accordingly, after overcoming the level, the price will be thoroughly set up for a further decline in the medium-term.