On Friday, the pound traded in a range of target levels of 1.2100 and 1.2230 with an overlap. The day eventually closed at the opening level, and the price continued to rise this morning.
The situation is brewing for the price to break through the area above the target level of 1.2230, which will lead to a complex, highly volatile price growth to the level of 1.2435. The Marlin Oscillator is growing in the positive area and is always ready to support the price in this direction.
On the four-hour chart, the signal line of the oscillator has turned up from the border with the bears’ territory, the price is growing above the balance (red) and MACD (blue) indicator lines. We follow the success or failure of the price in overcoming the nearest resistance at 1.2230. Will cancel the growth scenario, consolidating under 1.2100.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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