The British pound worked through the target range of 1.2287-1.2307 yesterday and moved out of it, approaching the resistance level at 1.2370. However, we didn’t expect the price to overcome the range on its first attempt; we were actually expecting a correction. The Marlin oscillator moved upward as a sign of support. However, Marlin is forming a shallow bottom, and its reversal looks more like a discharge, a release of tension before it falls further.
The optimal corrective level appears to be at 1.2427. Next, we expect a price reversal towards the lower line of the price channel below the level of 1.2200. On the 4-hour chart, the price is gathering strength to overcome the level of 1.2370. Consolidation above it opens up the target of 1.2427.
This level is strong because it is supported by the approaching MACD line. From this level, we expect a bearish price reversal. The Marlin oscillator, with a transition to the positive territory, will help the price rise, but it has numerous resistance levels to deal with.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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