On Friday, the pound sterling fell by 86 pips, slowing down as it approached the support level of 1.2645. The most significant reversal sign available is the divergence between the price and the Marlin oscillator.
However, in order to confirm this, the price still needs to drop below the support of 1.2645, and Marlin should find itself in a downtrend territory since the observed divergence pattern often transforms into a different geometric shape.
On the 4-hour chart, the price is headed upwards – the quote is above the indicator lines, and Marlin is in the positive territory. The current situation can be described as neutral with the potential to rise. The price can now freely fluctuate in the 1.2645-1.2745 range. Ultimately, we expect the price to break above and reach the target of 1.2837, followed by the important target of 1.2930.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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