Pound closed yesterday with an uncertain rise, getting stuck at the balance line. Although the price settled above the MACD line and could move toward the target level of 1.2745, buying pressure eased, so the pair may soon fall back below the MACD line.
Dropping under this line, below 1.2655 (yesterday’s low), will provoke a decline towards the target level of 1.2524. Meanwhile, the level of 1.2610 will be an intermediate level, similar to what happened on February 5. On the four-hour chart, the Marlin oscillator suppresses the lower boundary of its range, which began on February 20.
The Marlin oscillator will soon turn downward, and if the price surpasses yesterday’s low of 1.2655, the pair will immediately move towards the support of the MACD line, at approximately the level of 1.2630. The next target will be the support at 1.2610 – a strong level since December of last year.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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