The pound closed up 49 points on Friday. Taking into account the general weakening of other world currencies (euro -12 points, aussie -95 points, loonie -146 points), this growth looks strong. On the technical side, the growth kept the resistance level of 1.1170.
The daily Marlin Oscillator is growing – the price is still able to grow to 1.1305 or to 1.1455 – to the MACD indicator line, which is still less likely, since the Marlin Oscillator is approaching the zero line and may turn down from it.
On the four-hour chart, the price has consolidated above the MACD indicator line, the Marlin Oscillator is consolidating in the area of a growing trend. Bulls are clearly not going to give up positions. A reversal signal will be the price consolidating under the MACD line, below 1.0990.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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