The British pound has not significantly strengthened even if the dollar index weakened by 0.23% on Tuesday. The price is struggling to break above the target resistance at 1.2745, and the Marlin oscillator has not freed itself from the risk of returning below the zero line.
If the pound continues to be indecisive, meaning that the price does not overcome the nearest resistance level in the near future, a breakout towards the support at 1.2645 is possible. Further consolidation below this level will open up the target at 1.2524.
Surpassing 1.2745 will pave the way for the pair to reach the target at 1.2837. Beyond this, the price may try to test the upper band of the global descending channel around 1.2930.
On the 4-hour chart, the price is above the balance indicator line, and the Marlin oscillator has moved into positive territory, indicating the advantage of the uptrend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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