Yesterday, the pound sterling rebounded from the support of the daily MACD line and gained 40 pips by the end of the day. Now the price is rising above the balance line (red moving average) with the support of the rising Marlin oscillator. The signal line of the oscillator will reach the zero line – the boundary of the uptrend territory – around the time the price hits the target level of 1.2745.
In this case, a breakout point will be created, from which the trend will either turn into a medium-term decline or it could strengthen the growth to the target of 1.2826, with the possibility of reaching 1.2940. The main scenario is a downward movement. On the 4-hour chart, the emerging convergence that was outlined yesterday has finally materialized, and the pound’s corrective growth has reached the MACD line.
There is a possibility that the price will not be able to consolidate above this line, so a scenario where the price reverses from current levels without breaking above yesterday’s high is also possible. The pound will confirm a downward movement when the quote breaks below the daily MACD line, below the 1.2630 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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