Yesterday, the British pound gained 51 pips, as the Dollar Index weakened by 0.63%. It failed in its attempt to breach support at 1.2645, not even supported by the divergence with the Marlin oscillator. The oscillator’s signal line is returning to the positive territory. The price can reach the target of 1.2745, or even 1.2837.
Today, the UK will release important economic data: GDP for the 3rd quarter, and the index is expected to remain unchanged at 0.6% YoY, and retail sales for November – forecast at 0.4% (-1.8% YoY against -2.7% YoY in October). The data could provide good support for the pound.
On the 4-hour chart, the price rebounded upwards from the support of the MACD line but is still struggling with the balance line. The Marlin oscillator is trying to return to the uptrend territory. Obviously, if the price consolidates above yesterday’s high at 1.2694, the pound can rise further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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