On Tuesday, the British pound pierced the resistance at 1.2422 with the upper shadow of the daily candlestick and this morning, it showed an intention to continue rising. The main event of the day will be the March US inflation report. If the data shows a notable decline in the CPI, the pound will rise, and the pound can reach the 1.2598 target level in the coming days.
If the pound does not receive any fundamental support, after it stays under 1.2422, the price will try to overcome the support level of 1.2305, formed by the MACD line. In this case, the next target will be 1.2155.
The situation on the four-hour chart does not bring clarity. At the moment, the price is below both indicator lines, the Marlin oscillator has overcome the zero line and is preparing to rise further. The main signal for growth is when the price settles above the MACD line, above 1.2455. Initial signal of the decline is when the pair formally settles below 1.2422, but preferably under some low, for example 1.2388 (because there is no trend.)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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