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Yesterday, the British pound experienced a significant upward movement, breaking through the resistance range of 1.2816 to 1.2847. This morning, it continues to rise towards the next target of 1.3001, which corresponds to the low from September 11, 2024. However, the daily Marlin oscillator is indicating signs of exhaustion.
A pullback from the 1.3001 level seems likely. If the resistance is surpassed, the price could increase an additional 100 pips, targeting 1.3101, which aligns with the peak on October 15, 2024.
On the H4 chart, it's clear that the price did not break through the 1.2816 to 1.2847 range smoothly; instead, it formed a brief consolidation within this range, which ultimately helped build momentum for further growth. The Marlin oscillator is moving away from the overbought zone, but the price may still attempt to reach the 1.3001 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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