The Bank of England held its meeting yesterday, almost exactly in line with expectations, except for the voting: the forecast was 8-1 for holding the rate, but it turned out to be 7-2. Now, expectations for a rate cut have shifted to November. Meanwhile, the realization is spreading through the media and markets that the Fed is unlikely to cut rates twice by year-end, so the BoE is set to retain its leadership in the easing cycle.

On the daily chart, the price is preparing to break through support at 1.3525, which coincides with the MACD line. The signal line of the Marlin oscillator is not only about to move into bearish territory, but also looks poised to fall below the bottom of its own range. If both the price and oscillator move below these technical supports simultaneously, it could give extra momentum to the downward trend. The target zone at 1.3364/95 will then open up, with the upper boundary formed by the MACD line on the weekly chart.

On the four-hour chart, the price has established itself below the MACD line, and the Marlin oscillator is heading deeper into negative territory. The current outlook is bearish.