The political crisis in England is coming to an end in the best possible way. British Prime Minister Boris Johnson resigned, although the day before he said that he would not do this, but for now he would remain in his chair until the election of a new chairman of the conservative party. The pound practically did not react to this event, as its moderate growth over the past two days was largely associated with a general correction in the markets.
On the daily chart, the price is approaching the strong resistance of the target level of 1.2073 and the upper generatrix of the descending wedge. The signal line of the Marlin Oscillator goes above the upper limit of its own channel and thus cancels it. Next, we are waiting for a price reversal from a strong resistance zone and an attempt by the price to get out of the wedge downwards.
On the 4-hour chart, the price is approaching the resistance of the target level of 1.2073, which is strengthened by the MACD indicator line (blue). We are waiting for a downward turn as the main scenario for the development of events. An alternative scenario assumes the quote’s growth to the MACD line of the daily scale, to the area of the target level of 1.2250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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