Yesterday, the British pound rose by 27 points against the broad strengthening of the dollar (0.23%) thanks to a decrease in inflation on most gauges from retail prices to housing prices. However, the eurozone and the US also released good indicators, and as a result, the dollar turned out to be stronger.
Today, the US is publishing employment and manufacturing activity indices from the Philadelphia Federal Reserve. The forecasts are optimistic. The dollar may neutralize the pound’s gains from yesterday and bring the pound closer to the 1.2666 support level. A consolidation below this level opens the target at 1.2590.
On the technical side, yesterday’s growth was due to the Marlin oscillator’s attempt to shed consolidation in the exact boundaries (the gray rectangle). And if it does consolidate, the oscillator and the price will move downward.
On the four-hour chart, the price has returned below the balance line indicator, below the horizontal support level of 1.2720. The Marlin oscillator is close to entering negative territory. The price can reach the 1.2666 target. The MACD line is located slightly below this level. Overcoming this line will correspond to a consolidation below 1.2666. As a result, the pair can still reach the 1.2590 (June 29th low) target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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