The pound was slightly up yesterday (16 pips) as part of the consolidation before Friday’s US employment data. Today I also expect the consolidation to continue.
The intermediate level of 1.1840 (low of January 6) prevents the upward movement, while a number of supports, formed since last July, prevents the price from falling further. In other words, a good fundamental factor is necessary for a breakthrough, which could be the employment report. The first target is the September 13, 2022 high at 1.1737, while the second target is the October 27, 2022 high (1.1644).
On the four-hour chart, the signal line of the Marlin oscillator is rising, which keeps the price from falling prematurely. So, we are waiting for the price to fall starting tomorrow.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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