Yesterday, the British pound, under the influence of related currencies, gained 74 pips at the moment, but once the session was coming to an end it recovered half of the growth. The divergence on the daily chart was not broken; the price can return below the level of 1.2989.
If the price consolidates below this support level, it will continue to fall to the target level of 1.2847. If today closes with a white candlestick, i.e. if the price consolidates above the level it overcame, the pound will continue to rise to the target range of 1.3224/41.
On the 4-hour chart, the price intends to overcome the level of 1.2989. This can be confirmed once the price moves toward the support of the MACD line, below 1.2937, Tuesday’s low. And overcoming this low will already open the way to 1.2847. The probability of this scenario is 65%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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