The pound gained 33 points yesterday, following the dollar’s broad weakness. This appears to be a corrective move before its main attack on support at 1.2524, with the goal of moving towards 1.2373. The Marlin oscillator is rallying just above the border of the downtrend territory in order to overcome it with a strong move.
This is the main plan based on technical statistics. The alternative scenario is only possible once the price surpasses the resistance at 1.2645. In this case, the target will be 1.2745. Obviously, the direction will be determined by today’s US labor data.
On the 4-hour chart, the price is between the nearest support and resistance levels, and the signal line of the oscillator is in a neutral situation near the zero level. But since the balance and MACD lines have turned downwards, the downtrend has the advantage. We are waiting for progress.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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