The pound is settling at 1.2155 for the third day. Obviously, investors are waiting for today’s US inflation report for December. If the data is above projections, the dollar may develop an attack against major world currencies.
The main indicator of breaking the trend in the current situation is the MACD line (1.1977) – going under it will signal that the British currency will start a medium-term decline. Slightly below the MACD line is the support at 1.1933, which is the June 14, 2022 low.
The Marlin oscillator on the daily chart is still in the area of the downtrend, which increases the chances of a reversal.
On the four-hour chart, the Marlin oscillator behaves suspiciously, as if it intends to form a divergence with the price. Such suspicion is based on the reversal of the oscillator signal line from the zero line upwards, i.e. it is a reversal that has received sufficient momentum to form a full-fledged divergence.
The MACD line is located at 1.2060. If the price breaks through it, it will be the first sign that the GBP/USD pair is serious about reaching 1.1737, 1.1495.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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