Yesterday’s cooling US inflation data curtailed the dollar’s strength, and the pound rose by 55 pips and it reached the target level of 1.3000. On the daily chart, the price can form an ideal divergence with the Marlin oscillator. Perhaps after a small sideways movement in the range of 1.2870-1.3000, the pound might fall to 1.2785 and even further.
But these are just prerequisites. In case the price settles above 1.3000, it will continue to rise to the next resistance level of 1.3070. Today’s UK reports on GDP, the May index is expected to be -0.4%, and industrial production, the forecast for which for May is -0.4%, can improve opportunities for a decline.
On the four-hour chart, the price is slightly consolidating below the level of 1.3000, the Marlin oscillator decisively disagrees to move up and has turned around. At the very least, a correction is possible before it attacks 1.3000. If the price surpasses the support level of 1.2870, it will confirm the divergence on the daily chart, and going under the MACD line (between 1.2785 and 1.2870) will turn the trend into a decline in the mid-term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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