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GBP/USD
On Tuesday, the British pound didn't even attempt to break through the resistance level at 1.3369. Instead, it worked through support at 1.3253, a level it previously approached but failed to reach on October 10.
By the end of the day, the daily candlestick left a long lower wick, which adds another signal supporting a potential upward reversal. The signal line of the Marlin oscillator is now pointing upward. The price must now complete two difficult tasks in succession: overcome the resistance of the 1.3369 target level, followed by the MACD line at 1.3400. A successful breakout through both would allow the market to aim for the next target at 1.3525.
On the four-hour chart, the price and the Marlin oscillator have formed a bullish divergence, and the oscillator's signal line has already consolidated in positive territory. This upward momentum from Marlin is timely, as an additional resistance level at 1.3351 (MACD line and the peak of the previous trading day) has now emerged on this 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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