Yesterday, the British pound tried to fall below the MACD line on the daily chart but was pushed back up towards the resistance level at 1.2443. The signal line of the Marlin oscillator is moving up along with the price but is providing noticeable resistance to this movement.
A consolidation above 1.2443 with the oscillator transitioning into positive territory can potentially lead the price to the target level of 1.2583. At the moment, a new level has formed at yesterday’s low of 1.2367 (coinciding with the April 21 low, where there was also a sharp rebound). Falling below this level will open up the target of 1.2273. The bearish scenario persists.
On the four-hour chart, the price has bounced off the support of the MACD indicator line. Currently, the price is consolidating near the level of 1.2443. The Marlin oscillator is in the downtrend area. Here, the earliest bearish signal is also the support level at 1.2367, reinforced by the MACD line. We await further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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