Yesterday’s financial market slump due to weak reports (UK’s composite PMI for June was 52.8 against 54.0 in May), risk aversion (S&P 500 -0.20%), and confirmation of the Federal Reserve’s aggressive stance, overturned the pound’s growth sentiment to the 1.2785 target and resulted in a 9-point loss.
The assumed turnaround needs to be confirmed, and this should happen today, otherwise the pair will rise. The support level at 1.2678 is critical, which needs to be overcome by a strong downward breakout because the Marlin oscillator’s signal line is still far from the boundary of the downtrend territory that it can turn the price upward even after piercing the support.
This means that falling below 1.2678 might be a false movement. The pound sterling is probably waiting for tomorrow’s US employment data. And if it turns out to be weak, the pound sterling could rise.
Yesterday, the price turned down from the MACD line on the four-hour chart. Here, the Marlin oscillator is still in the positive area. Even after yesterday’s events, there’s still a possibility that the pound is still hoping that it will rise further, so the price could still attack the MACD line. We’re waiting for developments, the main scenario is a downward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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