The British pound rose by 71 points yesterday against the unemployment data, which rose from 3.8% to 4.0% in May. News reports say that this growth is associated with expectations for today’s US CPI data, which is expected to decrease, but we only took note of the speculative growth against previously released data. Therefore, there is a high probability of a decline in counter-dollar currencies with the release of data, especially if they turn out worse than forecasts.
For now, the pound is striving for the target resistance of 1.3000. Overcoming this level will open the next target of 1.3070. The scenario in which a reversal occurs in the near future will be realized after the price drops below the support of 1.2870. The signal will be strengthened if the price falls below 1.2785. By that time, the price divergence with Marlin will be confirmed.
On the four-hour chart, Marlin is reluctant to grow. It’s possible that either the US inflation data are preparing a surprise, or the market itself is preparing one. The current situation is high-risk, it would be better to wait for news before making decisions. The MACD line is heading towards the target level of 1.2785. The market will make a final decision regarding the pound’s reversal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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