Yesterday, the British pound struggled to fall below the support of the MACD indicator line on the daily chart, but was prevented by related currencies that did not want to yield to the dollar “ahead of time”. As a result, the price continues to consolidate between the MACD line and the level of 1.2443. The Marlin oscillator evaluates the current situation as a correction, as it turns upwards.
Since the situation is moving towards growth, the role of our recent positioning increases: “Price consolidation above 1.2443 can give new strength to the bulls, but it may not be enough for the price to advance towards the high of 1.2583, as there are many intermediate levels formed since April along this path.”
On the 4-hour chart, a double convergence of price with the oscillator has formed. Marlin is already in positive territory. Climbing above the nearest resistance at 1.2443 will open the target at 1.2480, which is the MACD indicator line. To build a downward movement and strengthen it, the price needs to settle below yesterday’s low at 1.2372. In this case, the convergence will be broken (the signal line will move below the forming line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
