On Friday, the British pound reached the target range of 1.3095-1.3120. Today, it is correcting upward from that level. The daily Marlin oscillator has also paused, taking a short break before a further decline.
This break is necessary for the pound to gather strength before overcoming the support level reached. If the price holds below 1.3095, it opens the path to the target at 1.2994. On the four-hour chart, the price has settled below both indicator lines, while Marlin continues to move in negative territory.
On the way to 1.3220, there are three minor resistance levels formed between August 26 and 30; therefore, the corrective rise may take the form of a simple sideways movement within the 1.3120-1.3220 range.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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