The British pound took full advantage of the dollar’s temporary weakness yesterday and rose by 122 pips. There are 30 pips left until the target level of 1.2583, but the price may reverse downward from the 1.2545 level (the peak on April 14). The Marlin oscillator on the daily chart is already starting to turn downward.
On the four-hour chart, the signal line of the Marlin oscillator has finally moved upward, taking advantage of the small chance provided by technical data. At the moment, the price and the oscillator have formed a divergence. The corrective growth (which is deep, more than 60%) that started from a decline on May 10 may have already ended.
There are no significant events lined up for today. Canada will release its labor data, with unemployment expected to rise from 5.0% to 5.1%. This may cool down yesterday’s investor enthusiasm.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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