The British pound gained 47 pips yesterday, closing above the target level of 1.3631. The range between 1.3631 and 1.3700 looks too fragile amid the upcoming Fed decision on monetary policy.

The 1.3525–1.3631 range appears slightly stronger, but the truly solid and strategically important range is 1.3364–1.3525, which the pound left behind after short futures contracts were closed ahead of today's Fed meeting. The Fibonacci time grid points to the completion of the growth cycle since August 1 (8 periods)—a collapse may follow today. A move below 1.3525 (coinciding with the MACD line) will open the way to 1.3364 (the lows of July 16 and June 23), then to 1.3253.

On the 4-hour chart, the rise from 1.3525 was not supported by the Marlin oscillator, which remained sideways. The MACD line reinforces the 1.3525 support. Accordingly, a break below this level will anchor the bearish sentiment.