Undoubtedly, the British pound is under significant technical pressure, and it may breach the support level at 1.2070, opening the way to the target level of 1.1900. Yesterday’s trading volume was high. However, the Marlin oscillator is also moving sideways along the trend’s boundary, which could mean that the price may jump.
The BW MFI indicator helps us confirm this suspicion. The two bars preceding the current one were “crouching” (red and thick), and the current bar is trying to rise, indicating the direction of an impending breakout.
On the 4-hour chart, the price continues to fluctuate within the gray area, below the indicator lines. The Marlin oscillator is rising, having already formed a double convergence with the price, albeit not a strong one. The main scenario is a steady upward movement. This will happen when the price moves above yesterday’s high at 1.2210, which will also surpass the MACD line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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