Yesterday, the British pound failed to consolidate above the level of 1.2826, but today it is preparing for another attempt, as the Pacific session is proceeding optimistically, and technical oscillators suggest growth. In particular, the Marlin has stopped falling and is ready to rise on the daily chart. With the price consolidating above 1.2826, the price can move towards 1.2940.
On the 4-hour chart, the price managed to consolidate below the level of 1.2826, but the Marlin oscillator is reversing without entering the negative territory. The price can easily return above the nearest resistance. Also, take note that the MACD line has risen above the target level of 1.2745, protecting it from the bears.
In this case, the price may abandon its plan to test it out and it maight take the easy path instead. The US inflation data may provide impetus. If it meets expectations – 3.7% YoY for the core CPI against 3.9% YoY a month earlier.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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