This morning, the British pound reached the target support level of 1.2307. It took 5 days for it to move from the previous level of 1.2444. During this time, the Marlin oscillator’s signal line has compressed even further into a wedge and is ready to break out of it today. If it breaks below, the first target will be the embedded price channel line at 1.2200. Then the second target will be 1.2070, which is nearly in line with the May 2020 low.
Today, the Bank of England may raise the rate from 5.25% to 5.50% (market expectations), so Marlin could break above the wedge. If we witness a solid momentum and the price consolidates above 1.2444, it will continue to rise to the next target at 1.2547. This would mark a return to the bullish scenario towards the MACD line at 1.2684.
On the 4-hour chart, after yesterday’s false breakout above the MACD line, the price has tested support at 1.2307. We witnessed a similar false movement with growth above the zero line on the Marlin oscillator. However, since the price has touched the target support level, the situation is generally uncertain, and we can come to a conclusion once the price consolidates below the reached level or after it consolidates above the MACD line at 1.2382.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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