Taking advantage of the dollar’s weakness, the pound gained 54 pips yesterday, consolidating above the MACD line and opening the next target at 1.2420. But there is a nuance, the pound stopped at the resistance level of 1.2342, which was set on March 23, and if the Marlin oscillator strengthens signs of a reversal, GBP can miss the 1.2420 target.
The price reversal below the MACD line, under yesterday’s low of 1.2278, will confirm this reversal, and then the breakout above the MACD line will be a false one. On the four-hour chart, the price and the oscillator are slowly reversing to the downside, but maybe the bearish pressure will increase as the price approaches the support level.
The MACD line is approaching the support level at 1.2278, and the price may reach this level. Staying above 1.2342 may mean that the price refuses to reverse and continues to rise towards the target of 1.2420.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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