Yesterday, the pound slightly missed the target resistance at 1.2826 and returned to the support level at 1.2745. A small divergence formed with the Marlin oscillator, but since the pair did not rise from 1.2307 for too long, a reversal might follow. If the price moves below 1.2745, this will be the first attempt to break through to 1.2640 – to the MACD line.
On the 4-hour chart, the price is starting to consolidate at the support of the MACD line. The Marlin oscillator is consolidating just above the zero line.
Today, the UK will publish the Services PMI data for May, and forecasts are negative. It is expected to decrease from 55.0 to 52.9, and the composite PMI may weaken from 54.1 to 52.8. We expect another attempt to test the 1.2745 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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