Yesterday, the British pound closed the day slightly lower but remained in a consolidated state above the level of 1.2610. The MACD line is just a few points below this level on the daily time frame.
The price needs to consolidate below it to have a better chance of building the downward movement with the first target at 1.2524. If the price closes the day with a white candle, Monday could also turn out to be a bullish day. Speculators may drive the price to 1.2745, since they have mastered the 1.2610-1.2745 range, and they will likely keep the offers.
A consolidation above Wednesday’s peak at 1.2640 will serve as a signal for growth. This will also correspond to a consolidation above the MACD line on the 4-hour time frame. The Marlin oscillator is already in positive territory. However, the market has not yet decided on the direction. Perhaps the price will continue to make small movements until Tuesday, which is when the US CPI data will be published.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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