At the end of Friday, when we found out that US consumer spending shot up 1.8% in January and new home sales rose 7.2% m/m, the pound fell 71 points. The price is near the target support at 1.1914, and the signal line of Marlin oscillator retreated below the linear support of the daily chart (turquoise) suggests that the price can not only overcome 1.1914, but also stay there with the prospect of rising to 1.1737 (high on September 13, 2022).
This plan can be disrupted once the price leaves the area above the signal level of 1.2030, which is the low of February 13. In this case, the price will try to climb above the resistance of 1.2155. According to the data that will be released today, the report on US durable goods orders is expected to fall by 4.0% in January, so we might witness growth (at least for one day).
On the four-hour chart, the price settled below the MACD indicator line, while the Marlin oscillator is in the territory of the downtrend. The main trend is a downtrend. Watch the price’s behavior at 1.1914.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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