The British pound rose by 26 pips yesterday, with corrections reaching 38.2% of Monday’s range. This is enough for the price to resume its downward movement towards the target level of 1.2500.
The Marlin oscillator is also inclined to exert pressure on the price by moving deeper into negative territory. Today, the US will release ADP employment data and ISM Services PMI for March. Market players expect optimistic values. These reports will likely provide a good reason for the dollar to rise.
On the 4-hour chart, the pair is steadily declining; yesterday, the price moderately increased without breaking through the resistance of the indicator lines, and the Marlin oscillator did not change the downtrend, as it remains in bearish territory. Overall, if the pair continues to correct higher, there is a small chance of surpassing 1.2596. We expect the price to reach the target level of 1.2500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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