With certain conditions, we can assume that the pound tested the target level of 1.1385 yesterday, after which it returned to the resistance of 1.1525. This morning the price is falling again, which, according to the traditional pattern, implies overcoming yesterday’s support and further advance towards 1.1305.
But the situation on the four-hour scale is not so unambiguous. The price went above the MACD line yesterday supported by double convergence with the Marlin Oscillator. The signal line of the oscillator is already in the positive area.
Possible price growth to the target levels of 1.1600 and 1.1650, which will look like a correction from the entire movement since August 10th. In case of growth, the price can even reach the MACD line of the daily scale, to the area of 1.1735.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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