The divergence between the price and the Marlin oscillator on the daily chart has transformed into a wedge, increasing the chances that the pair will continue to rise. In this situation, there’s a high probability of a break above the wedge.
Today, the pair opened above the challenging level of 1.2524, providing a good starting point for growth. The nearest target is 1.2645. On the 4-hour chart, the price has settled above the level of 1.2524, with progress above both indicator lines.
The Marlin oscillator is in a neutral situation around the zero line. Perhaps the pound is awaiting important data on business activity in the eurozone and the United States.
An alternative scenario will only be possible if the price consolidates below the MACD line, below the 1.2488 mark. However, even in this case, strong support is present below the MACD line at 1.2448 – the lows of November 22 and September 7.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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