The British pound, which fell by 87 pips on Tuesday, returned to the week’s opening level and stopped at the nearest line of the price channel. The Marlin oscillator is still in the uptrend territory. It is quite possible (with a 60% chance) that the pound will resume its upward movement from the support level it reached.
However, if the price consolidates below the price channel line (correspondingly, below yesterday’s low), it will try to break through the nearest support level at 1.2070 to potentially reach 1.1880. And yet, the pound still aims to surpass the 1.2307 mark.
On the 4-hour chart, the price stopped at the balance indicator line, indicating that yesterday’s decline was corrective, even if the price has settled below the more significant MACD line.
The Marlin oscillator’s signal line is trying to reverse from the border of the downtrend territory. We can confirm the falsity of yesterday’s downward breakthrough once the price climbs above the MACD line (1.2204).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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