Yesterday, the pound almost closed the day at the opening level, increasingly supporting the resistance level of 1.2420. The signal line of the Marlin oscillator is sideways, but its location is still in the green zone, which creates a higher probability of breaking this resistance today or on Monday.
In this case, GBP can reach the target level of 1.2589 (a significant resistance of May-June 2022). On the four-hour chart, the price returned above the balance and MACD lines. Yesterday’s assumption about the price spiraling over this line did in fact occur.
The Marlin oscillator is developing in the positive area, in spite of yesterday’s short-term price drop. The MACD line, though weak in the current situation, still provides support. GBP will likely cross 1.2420 today.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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