On the daily chart, the pound’s movements from yesterday were limited from above by the target level of 1.2100, which was pierced by the upper shadow, and from below by the balance indicator line. In general, the candle settled below the level, now it remains for the Marlin Oscillator to move into negative territory so that the 1.1963 target, which is represented by the MACD indicator line, becomes clear. The second target is 1.1800.
Moderately optimistic data is expected for the US today. The number of initial applications for unemployment benefits may remain approximately at the level of last week – 265,000 against 262,000. The index of manufacturing activity for August from the Philadelphia Fed is forecast to increase from -12.3 to -5.0. This data may help the dollar in further attack on European currencies.
On the four-hour chart, the signal line of the oscillator reversed from the zero line at the same time as the price reversed from the balance indicator line. The situation is now completely down. We are waiting for the British pound to further advance to the downside.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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