The pound showed good growth (47 points) last Friday, but it did not reach the target level of 1.3570 (100.0% Fibonacci level). Consolidating below the Fibonacci level of 110.0% may give an impetus to the retraction of 123.6% (1.3412). The MACD indicator line is in the same area – support is assumed to be strong.
Accordingly, overcoming it may set a medium-term decline in the British pound. Target 1.3160. The Marlin Oscillator is reversing from the overbought zone and this indicates the advantage of the reversal scenario.
Price divergence with Marlin comes into play on the four-hour chart. A decline under the MACD line at 1.3434 will show its determination in the fight against the support at 1.3412.
A probability (that is not very high) of succeeding price growth is realized after overcoming 1.3570.
*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 to 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 25 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
