The British pound continues to rise ahead of the upcoming European Central Bank and Federal Reserve meetings. If the pound maintains this momentum, it could reach the target level of 1.2826 by the ECB meeting on June 6. By then, a divergence with the Marlin oscillator might form. We can confirm the sharp rise once the price breaks above Friday’s high of 1.2765.
If the price falls back below the 1.2745 level, it might continue to gradually fall towards 1.2635, potentially accelerating this movement around the ECB meeting. On the 4-hour chart, the price has reached the resistance of the Kijun-Sen indicator line (1.2765). The Marlin oscillator has settled in the positive territory.
If the oscillator, as a leading indicator, manages to pull the price above the Kijun-Sen line and above Friday’s high, the pound could aim for the 1.2826 target. If the price consolidates below the 1.2745 level, it must break Friday’s low of 1.2699 to move towards 1.2635.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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