After consolidating above the level of 1.2678 on Monday, the pound sterling continued to grow on Tuesday, towards the target level of 1.2785. The signal line of the Marlin oscillator has been moving horizontally in recent days, probably intending to rise after turning from the zero line.
If today’s UK services PMI and the composite index for June turns out to be no better than the negative forecast, then once the price moves below the level of 1.2678, the 1.2600 target will become available.
On the four-hour chart, on the way to 1.2785, there is a resistance level at 1.2736 set by the MACD line. The resistance almost coincides with yesterday’s peak, thereby strengthening the level. Here, the Marlin oscillator is pointed downwards. In a few hours, we will find out which direction the price will choose.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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