Yesterday, the British pound settled above the level of 1.2524 – even the lower shadow did not touch this level. In today’s Asian session, it continues to move upward.
The Marlin oscillator is still in negative territory, but it is supported by the fact that it has not fallen deeply below the zero line. A return above the zero line would be a sign of the false short-term downtrend, potentially pushing the price to firmly rise towards the target level of 1.2745 or even 1.2837 (the June 22 peak).
On the 4-hour chart, the Marlin oscillator, after the previous convergence, consolidates in the uptrend territory. Price resistances are represented by the balance indicator lines and MACD’s line. The MACD line reinforces the level of 1.2645. If the price overcomes it, which is our main scenario, we expect the pound to rise towards 1.2745 and then 1.2837.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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