Yesterday, the pound closed down 30 points on the back of a weakening euro and the death of Queen Elizabeth II. But the central banks reacted extremely quickly and bought the market against the news. The volume of trading in the pound was the largest since July 14.
Today, the pound started with growth, the price went above the resistance of 1.1525, on which it has been holding for the fourth day with strong fluctuations in both directions. The Marlin oscillator is growing on the daily scale, the price may reach the target level of 1.1600. But there is also a significant level slightly above it – 1.1650.
This creates a danger that the price will quietly reach this level, and then consolidate above it and try to break through to 1.1815. But for now, we do not expect the pound to rise above 1.1600. Data on construction, trade balance and industrial production in the UK will be released on Monday, the forecasts for them are negative.
The signal line of the Marlin Oscillator broke out of the triangle to the upside on the four-hour chart. The oscillator can now penetrate into the overbought zone, and this time the price will reach the nearest target level of 1.1600.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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