The British pound showed a good growth (at the moment by 170 points) on Monday, and by now it has rolled back more than half of this growth. As a result, the wedge-shaped formation was transformed into a longer one – built on extremes, which in the current situation shows the British currency’s dependence on American players. The British nature of the development of an exchange instrument is seen through its opening and closing.
Data on the construction of new homes in the US for June will be released today, the forecast is 1.58 million y/y against 1.54 million y/y in May, and this circumstance may put even more pressure on the pound. The Marlin Oscillator on the daily scale is still in the negative area, there is a large space at the bottom of it, up to the oversold zone, it is enough for the price to come out of the wedge down. The goals of this movement are 1.1800, 1.1660. In the medium term, there is a target of 1.1410.
On a four-hour scale, the price approached the support of the MACD line (1.1920). Going under the line will give the first push to advance to 1.1800. The Marlin Oscillator is going down, it is still in the positive area, but by its nature in the current short-term situation it is in a leading position.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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