The dollar index weakened by 0.39% on Thursday, which the British pound took advantage of for growth by 57 points. The 1.2073 target level has not been reached. Considering that this morning the price already covered half of yesterday’s losses, the 1.2073 level can be taken today.
On the other hand, which implies a longer consolidation of the pound in the range of 1.2073-1.2250, the price may continue to move up on today’s business activity indicators for June that are not very favorable for the dollar – the forecast for the ISM Manufacturing PMI is 54.6-54.9 against 56.1 in May. In such a scenario, testing the 1.2250 level may coincide in time with the touch of the signal line of the Marlin Oscillator of the border with the growth territory, which will lead to a simultaneous downward reversal of the price and the oscillator.
On a four-hour scale, the price develops between the balance and MACD indicator lines, the Marlin Oscillator is in a downward position. The situation is neutral, in which it is advisable to wait for the resolution of the current situation and only then make a decision. The bears have a long way ahead – falling below 1.2073 opens the target at 1.1800.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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