The British pound struggled to realize its growth potential yesterday. The pound became the leader of the day, showing movement of 93 points. The Fibonacci level of 138.2% was surpassed along the way. Now the price is facing the target at the Fibonacci level of 123.6% at the price of 1.3412.
The MACD line is almost at this level, respectively, a breakthrough of the line will give an additional impetus to the price to a pronounced growth to the Fibonacci level of 100.0% (1.3570). The Fibonacci level of 110.0% (1.3505) appears midterm in the current situation.
Consolidating below 1.3313 (Fibonacci level 138.2%) may disrupt such an ambitious plan and the price will move down to the target of 1.3160. On the four-hour chart, the price has consolidated above the 138.2% Fibonacci level, the Marlin Oscillator is in the growth zone and has the potential for further growth.
And on this chart it is important to note that on the way to 1.3160, there is a support for the MACD line in the area of 1.3253. Yesterday’s volatility may turn into a strong false downward movement here, that is, a price reversal upward in a medium-term growth may occur after a preliminary price fall by the same 90 points.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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