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On Wednesday, the British pound fully worked through the target range of 1.2816/47, but as expected, it failed to consolidate above that range, instead entering a consolidation phase around this area.
Today, it opened above the balance indicator line (red moving average) and within the range, indicating potential further growth. The next upside target is 1.3001, followed by 1.3101.
The price is still moving within the 1.2816/47 range on the four-hour chart.
The Marlin oscillator appears uncertain—whether to turn downward from the zero line or break into positive territory, helping the price move above the MACD line (1.2878). Our main scenario assumes the development of upward movement, so we are looking for a break above 1.2878.
If the price consolidates below the lower boundary of the 1.2816 range, it may once again head toward support at 1.2714.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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