Yesterday might have been a turning point, signaling a shift from a downward potential to an upward one. The pound broke out of the descending price channel and transitioned into an ascending price channel, now visible on the daily chart. No sign of a divergence forming, and the potential reversal has significantly weakened.
If the price moves above the embedded price channel line (1.3433), it can continue its growth to the nearest target level of 1.3525 and the following price channel line around the 1.3635 level. For a reversal, the price needs to consolidate below 1.3300. External markets are set for growth, making it more challenging for the pound to turn around.
On the four-hour chart, only the Marlin oscillator resists upward movement. However, if the price rises above 1.3433, Marlin could resume its growth, driven by a “second wind” effect. The MACD line is approaching the 1.3300 level, marking it as crucial for this time frame. Overcoming this support would be the last chance for the bears.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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