Yesterday, the pound showed a good growth (1.44% or 184 points) amid a temporary weakening of the dollar due to a sharp increase in the Federal Reserve’s rate (the dollar index -0.58%). Such a strong growth was due to a technical factor – price convergence with the Marlin Oscillator on the daily scale chart.
But the convergence is weak (the generating line is located almost horizontally), so it may already be worked out. If not, then corrective growth may continue to the target level of 1.2250. The price drop below the level of 1.2073 will indicate the completion of the correction and open the 1.1800 target.
On the four-hour chart, the signal line of the Marlin Oscillator briefly moved into the positive area and now shows an intention to return back below the zero line. If this happens, then this exit will become false and signal the beginning of a new wave of decline. In general, the situation on H4 is downward, as the price develops under both indicator lines and the lines themselves are directed downwards.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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