Yesterday, the British pound managed to consolidate above the embedded green channel line. But at the same time, the price remains below the balance indicator line, which tells us about the corrective nature of the pound’s highly volatile movements.
The signal line of the Marlin oscillator stopped rising at the border of the uptrend territory. It’s possible that the oscillator will reverse, the price will fall below the trend line, and all the growth that we witnessed will turn out to be a false move. In this case, which is considered the main scenario, the price will attempt to break below the target level of 1.2596 and fall towards 1.2500 (December 2023 low). The price could break above, 1.2745 or even higher, after it surpasses yesterday’s high of 1.2708.
On the 4-hour chart, the Marlin oscillator is gradually rising, and the signal line is close to moving towards the negative territory. However, since the price is moving above the balance and MACD indicator lines, and above the price channel line on the daily chart, we don’t expect the pound to start a strong downward movement before tomorrow’s European Central Bank meeting.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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