Last Friday, the British pound moved in both directions, closing the day at the opening level, without testing any of the levels. The untested line of the D1 MACD remained at the top, which is why the price is trying to rise in order to test it (1.2640).
If the quote can consolidate above this level, then a good growth prospect will open at 1.2745. Along with a consolidation above 1.2640, the Marlin oscillator should enter the positive territory. For this to happen, the pound needs strong external support, like if the stock market rises.
If this does not happen, the main scenario will remain in force, and according to it, the price is expected to turn down from strong resistance levels and fall below the support at 1.2524, which will open the target level of 1.2373.
On the 4-hour chart, the price has crossed above the balance and MACD indicator lines, and Marlin has settled in the uptrend territory. It seems that it will rise further, but there are strong resistances on the higher timeframes and fundamental and correlation factors are also uncertain. Today, the US and Canadian markets are closed for a holiday. We are waiting for further developments from Tuesday onwards.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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