Pound’s decline slowed, which led to the MACD line rising above the target level of 1.2720. The balance line also turned upwards.
If sellers remain inactive today or tomorrow, a correction may occur to one of the Fibonacci levels: 1.2893, 1.2940, 1.2988. So, for further decline to develop, the pair needs to overcome not only yesterday’s low, which coincides with the MACD line, but also the target level of 1.2720.
On the four-hour chart, the pair trades below the balance line. The Marlin oscillator slipped into negative territory, while the MACD line gave another landmark for an upward correction – 1.2900. Not far from this lies the 38.2% retracement level – 1.2893. Despite the bearish trend, the pair has all the opportunities to rise above 1.2720.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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