Yesterday, the price surpassed the resistance of the target level at 1.2610, as well as both indicator lines. Afterward, it retreated, and the pound closed the day with a 29-pip gain. The Marlin oscillator entered the growth territory.
However, as long as the price doesn’t settle above the MACD line (1.2640), there is a high probability of a reversal from the resistance levels it reached. Marlin can also turn down from the zero line. If the price consolidates below 1.2610, the target will be 1.2524. Consolidating above 1.2640 will allow the price to rise to the level of 1.2745 – the peak of August 30, 2023.
The price has covered a distance of 50 pips from yesterday’s high to its current quote, approaching the support at 1.2610. A break below will make it possible to attack the MACD line in the 4-hour chart (1.2590). Consolidating below it opens the target level at 1.2524.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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