The pound continued its irrepressible growth yesterday, adding one and a half figures and overcoming the target level of 1.2155. It did not settle above this level, and this morning, it fell below it.
Most likely, the price can now head to close the opening gap of the week (1.2028). The Marlin oscillator has marked the beginning of the reversal. On the four-hour chart, there are no obvious reversal signs yet, the signal line of the oscillator should decrease even more. The first step will be the price settling under 1.2155.
If the price is able to exceed yesterday’s high of 1.2198, it may continue to rise to the MACD line around 1.2272 on the daily chart.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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