Yesterday, the pound closed the day down by 32 points. The price is aiming for the target support at 1.1914, but it is hindered by the Marlin oscillator, which is persistently approaching the neutral zero line. The oscillator moving into positive territory will help the price to develop the movement to the target resistance of 1.2155.
The main news for today will be reports on consumer spending and income data in the U.S. for January. Spending is expected to increase by 1.3%, while income by 1.0%. Such figures may prevent the pound from developing a correction.
On the four-hour chart, the price paused the decline at the MACD line. The Marlin oscillator in the area of the downtrend. If the MACD line is attacked again and successfully at that, once the price surpasses 1.1985, the downtrend will prevail, and the price will try to reach the support at 1.1914. Consolidating below this level opens the way to 1.1737 (high on September 13, 2022). The price may rise once it crosses the signal level of 1.2073, the high on February 16.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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