After yesterday’s US inflation data, the British pound traded in a range of 76 pips, touching the support level at 1.2745. This morning, the quote is rising, likely with plans to settle above 1.2826 so that it can rise towards 1.2940. The bullish bias persists.
On the 4-hour chart, the price has dipped below the MACD and balance lines, albeit with shadows only. The Marlin oscillator is turning around in negative territory. Visually, it may move into the positive territory when the price crosses the resistance at 1.2826. In this case, it may continue to rise.
Today, the UK will release GDP data for January (forecast 0.2%) and industrial output for the same month (forecast at 0.0%, but in annual terms 0.7% compared to the previous 0.6%). Perhaps, the pound could receive additional support from the news background.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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