Yesterday, the British pound showed positive trades, as it offset all of Friday’s decline (upper shadow). In today’s Pacific session, the price moved above the daily balance indicator line, seemingly aiming to test the level of 1.2666, which is the March 19 low. By this time, the signal line of the Marlin oscillator may approach the boundary of the growth territory.
A coordinated reversal of the price from resistance and the oscillator line from the zero line will be a sign of a bearish reversal, below the level of 1.2596. Breaking this level will open the target of 1.2500 – the low of December 6 and 13.
On the 4-hour chart, Marlin is at the zero line. The reversal will likely start before testing the local level of 1.2666. Nevertheless, we expect a price reversal in the medium-term by the end of the week. This is the main scenario. An alternative scenario will come into play after the price crosses the MACD line at 1.2704.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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