The British pound moved with a 30-pip range during the European Central Bank meeting. It closed the day lower. The Marlin oscillator hasn’t ventured into the positive territory yet. Moreover, the price has moved below the balance indicator line on the daily chart, indicating a shift to bearish sentiment among short-term players.
It is possible that we are only witnessing a short-term price consolidation before the price hits the technical resistance at 1.2745. Surpassing this level will open the way for the price to reach the target at 1.2826. The level of 1.2610 acts as support for a longer and wider consolidation, so there’s no risk to strategic buyers, and the price could fall to that level.
On the 4-hour chart, yesterday, the price briefly moved below the MACD line. Today it opened above this line. The Marlin oscillator shows weakness, still in negative territory. This indicates that the price seems unwilling to show significant growth. At the very least, the pound should close the day with a white candle and continue consolidating before the important resistance at 1.2745.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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