The pound gained 128 points on Wednesday. The price immediately overcame the target level of 1.2100, now it is approaching the next target of 1.2230, lingering a bit on the resistance of the daily balance indicator line.
Consolidating above the level will give the pound even more optimism, as the next target will be the level of 1.2435. Unless, of course, the Marlin Oscillator enters the overbought zone before this moment and starts to turn the price down.
Marlin bounced off the border with the bears’ territory on the H4 chart, the price continues to rise towards the first target of 1.2230. There are no technical signs of a reversal yet. Data on US GDP for the 2nd quarter will be released in the evening. Forecast 0.4-0.5% vs. -1.6% in the first quarter. Data better than expected, also much weaker than expected (due to the effect of risk aversion) may hinder the bulls’ progress.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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