The British pound is stuck in a narrow range between the MACD line on the daily chart and the resistance level of 1.2443. This level is defined as the average of the extremes from December 2022 till June 2, and since it pierced the upper shadow of this level yesterday, the average value loses clarity, so it is modified to yesterday’s high of 1.2457.
Consolidating above this level will be a condition for further growth towards the target level of 1.2583. The pound may not reach this level due to other strong record levels located just ahead of it. The main scenario remains bearish, and to build around it, the price must surpass the signal level of 1.2367, the low of June 5 and April 21 (1.2366). The nearest target is 1.2273. The Marlin oscillator is moving almost horizontally below the zero line.
On the 4-hour chart, the Marlin oscillator is converging in a wedge-like formation. It is not a classic wedge but rather an indicator of pressure on the oscillator and, along with it, on the price. Presumably, the sellers are exerting pressure at the 1.2457 level (the largest cluster of orders at the 1.2445 level). According to the main scenario, after the price surpasses the signal level of 1.2367, reinforced by the 4-hour MACD line, we expect the pound to fall to the first target level of 1.2273.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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