Yesterday, the embedded line of the descending price channel stopped the British pound from rising on the daily chart. If the price consolidates above yesterday’s high, which will signify a break above this trend line, the pair can aim for the target at 1.2745.
The Marlin oscillator is currently in the downtrend territory. The market is probably waiting for tomorrow’s US labor data. The balance indicator line is also restraining the rise for now.
On the 4-hour chart, the price has consolidated above the indicator lines, and the Marlin oscillator has settled in positive territory. The price may experience a corrective decline today, but it won’t be a significant move as the main events are set to take place tomorrow.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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