GBP/USD gained 74 pips on Wednesday, easily surpassing the resistance at 1.2745. It currently trades near the target level of 1.2837.
Once the pair surpasses the level, pound will attempt to reach 1.2930, creating a magnetic point of intersection with the upper boundary of the price channel dating back to November 2007. Exiting the channel will open the way to 1.2994, the peak of July 27. As the Marlin oscillator recently moved into positive territory, the future seems to be brimming with optimism.
On the four-hour chart, the price broke away from the balance indicator line (red), while the Marlin oscillator went into the positive zone. Market players should wait for the price to reach 1.2930.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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