Yesterday, the British pound showed wide volatility, testing the target support at 1.2596 with the lower shadow of the daily candle. The Marlin oscillator remains neutral, maintaining sideways movement within the downtrend territory. Today, the price opened below the balance line, which shows that the pound’s main objective is to overcome the target level of 1.2596.
This may not happen today because it is a public holiday in both the UK and the US, so we expect major events to occur from Monday when the US market opens (the UK market will open on Tuesday). On the 4-hour chart, the price is below the balance and MACD indicator lines, but Marlin has managed to enter the growth territory.
The market will likely start a sideways movement with neutral indicators. The MACD line serves as resistance. So, today we expect the British pound to move sideways.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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