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The British pound, like the euro, ended Friday's session with gains—likely driven by market expectations of benefiting from the political and economic standoff between the U.S. and China.
During the previous session, the price nearly covered the entire target range of 1.3253 to 1.3369. This morning, the pair is attempting to break above resistance at 1.3369. If successful, the next major test will be the MACD line at 1.3417. A confirmed breakout above this level would open the path toward the next bullish target at 1.3525.
On the four-hour chart, the pair still needs to break above the 1.3385 resistance level and consolidate above the MACD line, which also lies at 1.3385.
Marlin is still in negative territory, but the formed convergence adds a dose of optimism. The development of upward movement in the short term remains the main scenario. For a downward move to develop, the price needs to go below the support level of 1.3253, which it failed to do on Friday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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