The British pound gained 93 points yesterday, reaching the target level of 1.2410. A triple divergence with the Marlin oscillator on the turquoise line on the daily chart has not formed. But all is not lost on the divergence. If the price reaches the target range of 1.2598-1.2666 at today’s Federal Reserve meeting, the triple divergence might happen. Then the price will reverse to 1.2410 and 1.2155.
The oscillator signal line may continue rising until it reaches the upper limit of the range (marked with pink lines), then the price will likely cross the 1.2598-1.26666 range, afterwards there are no obstacles to the consolidation area of April at 1.2990-1.3085.
A reversal scenario from the current levels is also possible, and this is still the main option, because the double divergence remains in action, the Marlin signal line only has to go under the lower limit of the range, where it has been for 7 sessions. Target levels: 1.2155 (May low), 1.1933 (June low).
On the four-hour chart, the price is above the indicator lines, the Marlin is in the positive area. But the price shows the intention to go under the MACD line (1.2285), and the Marlin under the zero line. Everything will be decided in the evening, which is when the Fed meeting will take place as well as the subsequent press-conference of Fed Chairman Jerome Powell.
*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 25 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
