On Wednesday, the British pound made a corrective attempt to rise, where it encountered strong resistance at the balance and MACD (1.2727) indicator lines and retreated to the day’s opening level. The price consolidated below the indicator lines, and the Marlin oscillator is working on its downward trajectory.
The price is headed toward the support level of 1.2633. Consolidating below this level would open the target of 1.2517 (the February 5 low). The 4-hour chart shows that the pair’s rise was relatively small after the convergence, as the pound met with higher-scale resistance.
However, there is now a risk of forming a double convergence, which may occur after working through the target support at 1.2633. We do not yet anticipate a market reversal, so we expect horizontal movement in the range of 1.2633-1.2727 in the event of such double convergence.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 28 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
