On Tuesday, the British pound tried to break below the price channel line with a vague intention to breach the support at 1.2444. However, there was no time to form a double convergence on the daily chart, and the pair closed the day above the price channel line.
Now, in the event of US CPI figures not being worse than expected (the forecast for core CPI for August is 4.3% YoY, compared to 4.7% YoY in July), the dollar may weaken, resulting in the pound’s rise towards 1.2615 and then into the 1.2684-1.2715 range.
On the 4-hour chart, the Marlin oscillator briefly entered the downtrend territory, but created a sign of false movement. Now the price is rising, but it faces the balance line (red) and just slightly above is the MACD line (blue). The target level of 1.2547 is above the MACD line. Breaching it will remove the final obstacle, and the pair can advance to 1.2615. However, the pound will not be able to overcome these tough resistance levels without support from the US data.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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