As a result of yesterday, the pound rose by 60 points, trying to move faster and further away from the 1.2422 level. The nearest target will be 1.2598 – the peak of June 7, 2022. At the same time, there is a high probability of forming a reversal divergence with the Marlin oscillator.
On the four-hour chart, the price is climbing above the balance and MACD indicator lines, and the Marlin oscillator is growing in the “green zone”. We have an uptrend.
The primary signal of a reversal is when the price falls below the MACD indicator line (1.2460), and the signal will be confirmed once the price settles below the 1.2422 level. The pound’s final decision to take a course for a medium-term decline is when it moves below the MACD line, in the area of the 1.2320 mark.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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