Yesterday, nothing prevented the British pound from reaching the target level of 1.2745, except for a slight boost in the dollar index, which closed the day with a 0.12% increase. However, the pound fell short and closed the day at the opening level. The signal line of the Marlin oscillator has edged down but remains within the horizontal channel.
The uptrend remains intact, and the pair could reach the target of 1.2745. Once the pair breaches this mark, the next target will be 1.2837, the peak of June 22. On the 4-hour chart, the price maintains a steady pace of growth, even if it is high. There are no clear signs of a reversal. The Marlin oscillator moves horizontally just above the zero line.
The extension of such a movement will be a sign that the uptrend is getting weaker. However, for now, we’re waiting for the price to reach the first target level of 1.2745 and consolidate above it. If the price consolidates below 1.2645, it may break the local uptrend, sending the pair into a deeper correction, possibly down to 1.2524.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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