Yesterday, the British pound fiercely resisted the dollar’s corrective growth. The upper shadow of the pound almost reached the embedded price channel line and the target level of 1.2447 (the January peak). The day closed with a black candle, but it still managed to consolidate above the MACD indicator line, and today, it opened the trading session above this line.
The Marlin oscillator has moderately corrected to the downside but the bullish bias remains intact. The price has all the conditions to continue the upward movement. The pair must consolidate above 1.2447. Surpassing this mark means that the next target will be 1.2524, as it is above yesterday’s high. The critical support is in the range of 1.2271/87.
On the 4-hour chart, a typical correction is observed after a strong impulsive rise. However, since the beginning of October, big sellers have yet to close their stop-losses; otherwise, we would have already seen a steady upward movement yesterday, today, and even the day after tomorrow. The battle continues, with prerequisites and signs that are working in favor of the bulls.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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