The pound overcame the global descending price channel, as shown in our previous overview, as the dollar weakened on Friday. If the pair closes today’s session above the level of 1.2826, it could likely reach the target of 1.2940 soon.
Above the 1.2940 target, the target range is 1.2994-1.3020. The Marlin oscillator is following a stable and strong upward movement. On the 4-hour chart, the price has managed to consolidate above the level of 1.2826. Marlin has slightly weakened. Today’s initial positions make it possible for the price to reach the target level of 1.2940 within two days.
The employment data will be released tomorrow. The unemployment rate is expected to remain unchanged at 3.8%, but unemployment claims for February may increase from 14.1k to 20.3k. Therefore, the pound may rise due to external factors.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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