On Friday, the British pound reached 1.2989. This is the average value between the March 2022 low and the July 27, 2023 high. This level is subject to modification. A weak but sufficient divergence for a reversal has formed on the intraday chart.
If the price can consolidate above the new level of 1.2989, the pound could rise to the target range of 1.3124/41. To confirm the reversal, the price needs to accomplish a challenging task – overcome the nearest support level at 1.2847. We await further developments. The Marlin oscillator is declining on the 4-hour chart, but this is only a primary sign of a correction, not a reversal.
For a primary sign of the reversal, the price must overcome the Kijun-sen support line, which is currently below the target level of 1.2847. However, the slower the price declines, the quicker the Kijun-sen line will approach it, making this task easier.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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