Yesterday, the pound sterling significantly moved away from the embedded price channel line, getting closer to the balance indicator line and the target level at 1.2307. The uptrend remains intact. There’s a good chance that the pair will surpass the initial target, and will head towards another price channel line, to which the MACD line (1.2414) is getting closer.
The signal line of the Marlin oscillator has emerged from a bullish consolidation. An upward movement has started. In order to build an uptrend in the medium-term, the price must overcome the MACD indicator line. An uptrend on the 4-hour chart. The price has settled above the indicator lines and the Marlin oscillator is building its upward movement in the bullish territory.
Today, UK PMIs for October will be published. Forecasts anticipate growth: the Manufacturing PMI from 44.3 to 45.0 and the Services PMI from 49.3 to 49.5. It’s worth noting that today, Australia and Japan PMIs were also expected to show positive changes but in fact, they turned out worse than forecasted.
Nevertheless, both the Australian dollar and yen strengthened, likely in anticipation of confirmation of the Federal Reserve’s dovish policy next week. If the British PMIs do not turn out worse than September’s data, the pound has a good chance for further growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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