On the last working day of December, the GBP/USD pair closed below the level of 1.2745. Therefore, in order to confirm its intention to continue the upward movement (if the pound intends to do so), it needs to reverse and close above 1.2745. This will take time. As a result, even if it closes today’s session with a white candle, this won’t be a signal for an upward move.
We expect the main movement to take place tomorrow with the release of the ISM Employment and Manufacturing Indexes for December. The forecast for the ISM Manufacturing PMI is 47.1, compared to the previous 46.7. We believe that the data could bring optimism back to the markets and risk appetite.
Therefore, we still expect the pound to rise towards the upper band of the price channel near the target level of 1.2930. The Marlin oscillator is already in negative territory but has not yet firmly settled there.
On the 4-hour chart, the price is progressing above both indicator lines. The Marlin oscillator is hovering around the neutral zero line. The price is waiting for an external impetus, possibly from the PMI data. We’re waiting.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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