On Tuesday, the British pound continued to fall and reached the support of the embedded line of the global price channel. At the same time, the Marlin oscillator’s signal line turned upwards, indicating an intention to exit the wedge upwards as well.
Considering the threat of a budget crisis in the United States, which could unfold as early as the next Monday (October 1st, when lawmakers have until Sunday to pass the budget for the coming year), there’s a 70% probability of the overall rise of counter-dollar currencies. From a technical perspective, the 9th line of the Fibonacci time scale on the daily chart also falls on this date. In the event of a crisis, the pair could rise to 1.3034 – towards the upper line of the global price channel.
On the 4-hour chart, the price and Marlin have formed a convergence, and now the price may stay within the 1.2193-1.2307 range until Monday. A favorable development in budgetary events may extend the pound’s decline to 1.2070 and 1.1900.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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