The pound sterling fell by 13 pips on Friday. The price stopped falling at the MACD line on the daily chart. This morning, the price is consolidating on this line, probably with the intention to consolidate below it.
Once it completes this task, the price may break through the support at 1.2596 (January low) and then it could fall towards the target of 1.2517 (February low). There is a risk of convergence with the Marlin oscillator on the 4-hour chart. If this doesn’t happen, meaning the price surpasses Friday’s low within 2-3 candles, then the price will reach the support at 1.2596.
The price may struggle to consolidate below this level. If a convergence forms, the pound may correct higher and reach the MACD indicator line (1.2682).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 28 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
