The British pound continues to move along the target level of 1.2155, the Marlin oscillator is moving horizontally, but still in the territory of the downtrend. Settling under 1.2155 will be the main condition for reaching the nearest target at 1.1933 (June 14 low).
The upward movement is possible, but is an alternative scenario. In order for it to progress, it is necessary to close today’s daily candle above support at 1.2155. Also, the Marlin oscillator should show growth for such a daily close. We will consider an additional growth condition on the four-hour chart.
There is a resistance in the form of the MACD indicator line around 1.2250. Therefore, closing the day above 1.2155 is only an initial condition. Pulling back from the area under the support will strengthen the downtrend. Today, we expect pessimistic indicators for the UK.
Public sector net borrowing for October is expected to rise to 14.6 billion pounds against 12.7 in September, retail sales volumes from CBI for December may show decline from -19 to -24 points. Perhaps the data will help the bears on the pound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
