As the dollar weakened on Wednesday, the British pound gained 31 pips, approaching the target level of 1.2745. The price managed to surpass this mark in today’s Asian session. The balance indicator line provided support to yesterday’s move.
The next target is 1.2826. Further ahead, the pound may encounter the upper band of a 17-year descending price channel (1.2907). The Marlin oscillator has left its own descending channel and moved upward. It has also moved into the positive territory. The pair is following an uptrend.
On the 4-hour chart, the price had already settled above the 1.2745 resistance level even before it climbed higher. There is also a synchronous price reversal from the support of the balance line (red) with the signal line of the oscillator from the zero line (arrow). The uptrend remains intact.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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