Despite the pound’s sharp growth on Tuesday, the technical situation remains ambiguous – the Marlin oscillator can either confirm the formed divergence or complete the Double Bottom pattern.
A repeated break above the level of 1.2745 could move the signal line of the oscillator above the forming divergence line. The price needs to do more work in order to develop a decline – fall below the level of 1.2645, and then Marlin will be below the zero line.
On the 4-hour chart, the price bounced down from the level of 1.2745, and Marlin shows an intention to return to the negative territory. If the price consolidates below the local high of 1.2702, Marlin may return to this decline territory. In this case, the price can reach support at 1.2645. In combination, the probability of growth is 60%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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