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On Monday, trading volume in the British pound was below average. While the price did not rise, it also showed no eagerness to decline. It is clear that the market is awaiting Wednesday's release of the U.K. inflation data before making any decisive moves.
On the daily timeframe, the MACD line has moved even closer to the key support level at 1.3369, thereby reinforcing it. The signal line of the Marlin oscillator has been moving sideways for four days. If the price tests the support at 1.3369, there is a high probability of a rebound upward within the ongoing consolidation.
On the four-hour timeframe, the 1.3369 level is also reinforced by the MACD line, this time from below. The Marlin oscillator remains in a neutral position at the zero line. A continuation of sideways movement is likely.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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