On Tuesday, the British pound precisely tested both boundaries of the consolidation range at 1.2510-1.2612. Despite the currency’s seemingly neutral stance, the Marlin oscillator continued its upward movement. The price is signaling a potential breakout above the 1.2612 level.
The Marlin oscillator’s signal line is also nearing a breakout from its descending channel. A price breakout above the resistance at 1.2612 will open the way to the first target of corrective growth at 1.2708, with the possibility of further advancement to 1.2773. Conversely, if the price reverses and moves below the 1.2510 support, it will target the first bearish goal at 1.2447, followed by 1.2367.
In the H4 time frame, the price is developing below both indicator lines, and the resistance is at 1.2612. The Marlin oscillator consolidates in the negative zone, forming a wedge signaling an impending impulsive breakout. We await further developments to confirm the direction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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