The British pound closed yesterday’s session slightly higher, piercing the target level of 1.2457 and the daily balance indicator line with a high upper shadow. Now the price is consolidating in a narrow range between the MACD line and the resistance at 1.2457.
The Marlin oscillator is approaching the zero line, from which a downward reversal may follow, making the pound’s upward movement premature at this point. From a technical perspective, the price’s consolidation above 1.2457 has less chance of continuing the rise towards 1.2583 compared to breaking the signal level at 1.2367 and reaching 1.2273.
On the four-hour chart, the Marlin oscillator’s signal line is already forming a classic wedge, statistically favoring a downward breakout. However, breaking below will only lead to an attack on the MACD line, and the price needs a stronger reason to settle below support at 1.2367. It is evident that such reasons will likely emerge soon.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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