The British pound found the resistance level at 1.2859 (the June 12 high, modified from 1.2847) to be strong. This morning, the price fell below the support of the balance indicator line. The Marlin oscillator is attempting to delve into the downward territory. The support at 1.2755, which is very close to the MACD line, will likely be reached. A consolidation below this level will allow the price to attack the lower boundary of the price channel near 1.2707.
A consolidation above the 1.2859 level opens the target at 1.2989, where the price will likely continue rising towards 1.3124/41. Currently, the bullish scenario has a 60% probability, although we expect market participants to abandon the idea of a double rate cut by the Federal Reserve at the September meeting.
In the 4-hour chart, the price is moving in a sawtooth pattern, typical for a correction. The Marlin oscillator is still in the positive zone, and the MACD line has turned upwards. There are no signs of a downward reversal yet. We will monitor the situation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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