Yesterday, the British pound broke below the 1.3080 level for the fourth time in four days, this time with the day’s close below the level. This morning, the price is attempting to rise again, preserving its reversal potential. The Marlin oscillator is also slowly turning upward.
A positive sign of the bulls’ strength is the price’s “clinging” to the balance line, which questions the movement toward the open level of 1.2994. The potential for further growth will be determined by the price consolidating above the 1.3141 level and breaking above the MACD line, which is rising above this level.
On the four-hour chart, the price closes in at around 1.3080, while the Marlin oscillator consolidates above the zero level. The price consolidation above this level will entail the oscillator’s signal line breaking out of the consolidation range, providing an additional (moderate) boost for further growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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