Yesterday, the British pound reached the target support at 1.2645 and turned upwards from it. This was likely driven by the divergence between the price and the Marlin oscillator on the daily chart. However, now we see that the oscillator’s signal line reversed upward from the zero line.
If the signal line moves above the line forming the divergence, the divergence will be nullified, and the technical pattern will transform into a Double Bottom. We’re seeing an uptrend, so we expect the price to rise through 1.2745 to 1.2837.
On the 4-hour chart, the price is trying to break away from the gravitational pull of the support at 1.2645 and the balance (red) and MACD (blue) indicator lines. The Marlin oscillator has managed to settle in the bearish territory, so the price may linger in the reversal process. Overall, we expect the pound to strengthen.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
