On Thursday, the British pound gained 57 pips and tested the nearest resistance level at 1.2182, which is the embedded line of the price channel on the higher timeframe. If the bullish bias remains intact, the pair may rise to 1.2307. Beyond that, the target of 1.2444 will be in focus.
The signal line of the Marlin oscillator has approached the boundary of the uptrend territory. The line’s transition into the positive area will fuel the upward movement. This is the main scenario. The alternative scenario suggests breaking below the 1.2070 support level and aiming for 1.1900.
On the 4-hour chart, the price is developing above the balance (red) and MACD (blue) indicator lines. To strengthen the bullish sentiment, the price should consolidate above the level of 1.2182. Marlin is rising in the positive territory. Furthermore, it’s noteworthy that the signal line of the oscillator has turned upwards precisely from the zero line (arrow).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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