The pound sustained its correction potential and yesterday approached the target level of 1.2708. The Marlin oscillator broke out of the descending channel upward but remains in negative territory for now.
A move above the nearest target level will also signal a shift into positive territory for the Marlin oscillator. A simultaneous breakout of the price and the oscillator would boost the pound’s momentum for further growth. The next targets are 1.2773; the subsequent one is 1.2859. On the four-hour chart, the price has risen above both indicator lines.
The price may consolidate to solidify its breakout above the nearest resistance, potentially reaching the target level of 1.2773. The Marlin oscillator is slightly declining this morning, which could set the stage for renewed growth from a lower base. If the price falls below the MACD moving average at 1.2568, the trend will shift back to a medium-term decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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