Yesterday, the British pound only rose by 15 pips, but it accomplished an important task for the bulls – it consolidated above the level of 1.2610. So now it is much easier to overcome the MACD line. It will succeed once the price overcomes the February 20th peak (1.2667). After that, the next target will be 1.2745.
The Marlin oscillator is stable in the uptrend territory and it continues to rise further. A reversal below 1.2610 will be a sign of the bulls’ weakness, despite all the positive signs that it received.
On the 4-hour chart, we can see a consolidation above 1.2610 while the price is struggling with the MACD line on the daily timeframe. The Marlin oscillator moved up in the bullish territory. But once the price overcomes the support of the MACD line (1.2592), this will confirm a bearish breakthrough and it will mark the bears’ victory in the current situation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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