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The British pound has reached the target level of 1.3001. The signal line of the Marlin oscillator is breaking through the zero line into bullish territory, opening the way toward 1.3101. A breakout above that level would allow the pair to target the range of 1.3184–1.3208.
Pressure from weak equity and commodity markets dampens bullish optimism, reducing the likelihood of the primary upward scenario. If today's daily candle closes bearish, a continuation of the decline toward the support zone 1.2816/47 becomes more likely.
In the four-hour timeframe, the situation is currently neutral.
A candle close above 1.3001 would confirm the path toward 1.3101. Conversely, a close below this level could mark the beginning of a move toward the MACD line (1.2880) and a retest of the support range 1.2816/47. The Marlin oscillator does not provide any additional clues at the moment.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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