The British pound took advantage of the dollar’s weakness on Friday, closing the day up by 42 points. The Marlin oscillator is moving sideways in a range.
GBP may leave this range and can go either up or down, but for now, the price, according to the oscillator, is able to reach the first target level at 1.2410. Settling above the level opens the next target at 1.2598-1.2666 (high of May 2022).
On the four-hour chart, the price is rising vigorously. The Marlin oscillator is slowly rising than it has so far held a divergence. But the divergence is weak and once the signal line crosses the line it is forming, the divergence will lose its trace and the Marlin will enter the overbought zone.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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