Yesterday, the pound rose by 59 points. If it continues to rally, which started in the Asian session, the pound will reach the target level of 1.2155, and that will win back the entire panic drop on Wednesday. The Marlin oscillator is not in a hurry to rise amid the expected Federal Reserve meeting next week, so it is unlikely for the pound to settle above that level.
On the four-hour chart, yesterday, the price received an additional impulse for growth from the supports of the indicator lines. The Marlin oscillator reached the border of the growth area and lays in sideways movement along it, which softens the bulls’ mood. The signal for reviving the decline in the mid term is when the price falls below the MACD line, below 1.2050.
The UK will not release any macro data today, while the US will publish its industrial production report. The forecast is 0.2% for February and 3.0% for the year. Optimistic data might pull down the British currency.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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