After sharply rising on Tuesday, the British pound decided to take a break in the consolidation range of September 7-13 at 1.2447-1.2524. During this pause, the Marlin oscillator’s signal line will discharge slightly and then be ready to continue its upward movement.
Once the price surpasses 1.2524, the target will be 1.2617. Next is 1.2745, the peak of August 30. If the price falls below the nearest price channel line at 1.2415, this will complicate the correction. The bulls’ objective is to close above 1.2447.
On the 4-hour chart, a corrective phase is also looming. The Marlin oscillator’s signal line sharply turned down, but apparently, this was so that the price would not fall below the critical support after the oscillator. After a consolidation, we expect the price to continue rising.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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