The British pound is consolidating in the range of target levels 1.3110-1.3210. If we assume that the pound’s growth since March 15 is a correction from a strong previous fall, then its potential is far from exhausted, it can continue to the MACD line, which currently corresponds to a 50% correction level.
Slow price growth will allow the MACD line to drop to the 38.2% correction level, which is close to the target level of 1.3270. Therefore, with the release of the price above the nearest resistance at 1.3210, we can expect continued steady growth to 1.3270. Price drop below 1.3110 will bring it back to the downside.
On the H4 chart, the situation is ascending: the price is developing along the balance and MACD indicator lines, the Marlin Oscillator is falling, being led in the current situation, but has not yet left the territory of the rising trend. We are waiting for the continuation of consolidation in the indicated hundred-point range and follow the choice of the price of the further direction. The probability of growth is 55%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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