Yesterday, the British pound spent the entire day hovering around the support level at 1.2070. This formed a mini-convergence between the price and the Marlin oscillator on the daily chart. This convergence could be enough for the pound to rise towards the nearest resistance level at 1.2182. However, after a corrective move, driven by pressure from the stock market, the price may fall towards 1.1900.
Simultaneously, the price moved below the lower band of the descending price channel (thick lines), which creates the risk of further movement towards 1.1900 from current levels. A dual situation. Investors are probably waiting for today’s US PMIs to get a more precise initial momentum ahead of Friday’s employment data.
On the 4-hour chart, the price is consolidating around the support level at 1.2070, staying below the balance and MACD lines. The Marlin oscillator has slightly increased and is ready for a downward reversal. If the pound receives external (fundamental) support and manages to overcome the MACD line (1.2142), then the bulls may gain strength. In this case, the resistance level at 1.2182 could be at risk.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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