On Friday, the British pound set a new local high, surpassing the target level of 1.3300. If the pound breaks through the 1.3360 level, the divergence will remain, and there will still be enough room for the price to rise. This situation hinders the development of medium-term growth. For the trend to reverse, the MACD line needs to be breached.
The UK will release the September Purchasing Managers’ Index (PMI) data today. Some weakening is expected, with the manufacturing PMI forecasted to drop from 52.5 to 52.3. We’ll see how the events unfold. On the four-hour chart, the price has consolidated above the 1.3300 level, and the upward movement looks convincing.
However, the Marlin oscillator is already close to the boundary of the downtrend territory, so a downward corrective movement is possible. If the price consolidates below 1.3300, it will signal an attack on 1.3220. Consolidation below the MACD line (1.3141) will serve as a serious argument in favor of the strategic bears.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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