Although pound rose above the MACD line (blue) last Friday, it closed below the balance indicator line (red). Nevertheless, with a rising Marlin oscillator, the trend remains bullish, indicating further growth. But in the event that bulls fail to break through the robust two-month range of 1.2610-1.2745, the pair may return below the MACD line, heading towards the support levels of 1.2610 and 1.2524.
The first sign of such a scenario would be the price surpassing Friday’s low (1.2647), automatically breaking through the MACD line. The Marlin oscillator already shows signs of a reversal. However, if today’s candle closes as white, the pair will continue to rise, moving towards 1.2745.
On the four-hour chart, the Marlin oscillator continues to form a range above zero. A consolidation below 1.2647 may coincide with the indicator turning negative. Since the MACD line already reached the target level of 1.2610, a breakdown will give the trend an additional impulse for a decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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