Yesterday, the British pound saw a corrective rise of 19 pips from the support level of 1.3120. The daily Marlin oscillator showed a weak reaction but now reinforces its downward movement. Today, the price may break into the target range of 1.3095-1.3120 and consolidate within it. A breakout from this range would open the target of 1.2994 (the peak from July 27, 2023).
On the 4-hour chart, the price is consolidating above the 1.3095-1.3120 range, having consolidated below the balance and MACD indicator lines on August 30. The Marlin oscillator is rising, so the consolidation is not over yet.
Data on the Manufacturing PMI and construction spending will be released this evening. Forecasts for the indices are optimistic, so we don’t expect counter-dollar currencies to rise.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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