Yesterday, the British pound touched the target level of 1.2745 with its upper shadow and then it pulled back below the balance indicator line on the daily chart. The Marlin oscillator reacted with restraint, and maintained its horizontal movement from the past five days. The pound is rising in today’s Asian session, attempting to overcome the resistance of the balance line.
The price will likely attempt to surpass 1.2745 for the second time. The upper boundary of the global 16-year price channel around the 1.2890 mark is increasingly attracting the price. On the 4-hour chart, the Marlin oscillator’s signal line quickly returned to positive territory after yesterday’s unexpected drop.
If the price returns above the MACD line (1.2700), it would confirm that yesterday’s bearish maneuver was a false signal. In order for the price to test the support at 1.2610, it must surpass yesterday’s low of 1.2648. Until then, the price will generate false signals.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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