Since a divergence has formed between the price and the oscillator on the daily chart, the British pound has been in a suppressed state. On Friday, the price reached the target level of 1.2745 and sharply pulled back.
The Marlin oscillator’s signal line is located on the zero-neutral line. The risk of breaking the support at 1.2645 is quite high. As a result, the price may continue to fall to the support at 1.2524. However, if the price manages to surpass 1.2745, the target will be 1.2837. Since the uptrend is still intact, the probability of growth is 60%.
On the 4-hour chart, the price has already penetrated below the balance line. If the price is seriously determined to continue the downward movement, it should aim for consolidation below the MACD line, which is near the support at 1.2645. The Marlin oscillator is on the zero line, which is currently interpreted as a desire to continue the rise. We are waiting for further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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