Yesterday, the pound grew by 88 points. This was enough for the pair to cross the nearest resistance of 1.2155, but it may not be enough to move further to 1.2410, since there are only two days left before the release of the US inflation data report.
On the daily chart, the signal line of the Marlin oscillator starts a reversal from the zero line downwards. This is the growth’s weakness, which I mentioned in the last review. Now the bears need to perform two tasks in sequence: to consolidate under 1.2155 and to cross 1.1933. Fulfilling the second task will also mean crossing the support of the MACD indicator line, which will open up the prospect of a medium-term decline.
There are no reversal signs on the four-hour chart yet. The decrease in the Marlin oscillator is not yet significant. We can only wait. The most important thing is that the results of the US inflation report might be better than forecast, and the dollar will weaken against all major currencies. And in this case, the pair can take the target level of 1.2410.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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