Yesterday, the British pound made a strong effort and managed to climb above the resistance level at 1.2583. Trading volume was high. The price is rising above the balance and MACD indicator lines, and the Marlin oscillator is rising in the uptrend territory. The corrective growth has already become critically significant and may turn into a trend.
The nearest bullish target is 1.2678, the May high, and surpassing this level would open up the next target at 1.2785. To reverse the decline, the price needs to achieve a lot by consolidating below 1.2457 and surpass the MACD line at 1.2422.
On the four-hour chart, the price and the oscillator have formed a double divergence. We will find out whether it will be effective or not after today’s Federal Reserve interest rate decision. The first sign of a price reversal would be falling below the MACD support line around the 1.2500 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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