Yesterday, the pound fell by 18 pips. The price is in a neutral position – in the middle of a wide consolidation, bounded by levels 1.1914 and 1.2155. The Marlin oscillator is also indicative – it is getting closer to the zero line, but has never crossed it since February 3 – a wedge is forming, and the exit from this wedge may most likely be downward.
An alternative scenario assumes that the price could rise maybe once or twice and break through 1.2155. The Marlin oscillator will then exit the wedge, and move into the area of the uptrend. On the four-hour chart, conditions for growth remain. Yesterday, the price received good support from the indicator lines, the signal line of the Marlin oscillator, when trying to overcome the zero line from top to bottom, reversed and went back to the area of growth (arrow).
Basically, the price is consolidating on the MACD line, it can wind up on it, the more so because the MACD line itself lies in a horizontal trend, so until some decisive and fundamentally important moment, local signals for growth and decline will alternate. Investors are waiting for the key US employment data on Friday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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