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Yesterday, the British pound closed at its opening level, which visually appears as a consolidation below the 1.3433 level — a level that the price is already attempting to break through during today's Pacific session.
There is a solid foundation for yesterday's and today's price action: UK retail sales data for April is forecasted to be strong. The core retail sales index is expected to rise by 0.3% month-over-month (4.4% y/y versus 3.3% y/y the previous month), while the headline index is also projected to increase by 0.3% m/m and 4.5% y/y, up from 2.6% previously.The Marlin oscillator accelerates upward, making the target range of 1.3590–1.3635 increasingly tangible.
Only a firm close above the 1.3433 level on the four-hour chart is needed to confirm a bullish signal. The Marlin oscillator dropped sharply yesterday but remained within the bounds of the uptrend. From this lower position, it now has the potential to support a stronger upward move, which aligns with the forecast on the daily timeframe.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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