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The recent corrective rise of the British pound from the support level at 1.2367 appears weak, especially in comparison to the gains seen in other currencies on Friday. As a result, a return to Thursday's starting point at 1.2510 seems unlikely. The primary focus now shifts to breaking the support level at 1.2367, with the goal of testing the next level at 1.2294.
Today, the UK will release the Services PMI for December, which is forecasted to be 51.4, up from 50.8 in November. Meanwhile, the composite PMI is expected to remain unchanged at 50.5 points. In the US, the composite PMI from S&P Global is projected to rise from 54.9 to 56.6, suggesting that the pound's upward movement may come to an end today.
On the H4 timeframe, the price is approaching the intermediate level of 1.2447. If it manages to break through this level, it will immediately encounter resistance from the MACD line. Similarly, the Marlin oscillator, which previously provided effective support to the price, must also overcome resistance at the zero line. Even if the price is destined to reach 1.2510, this is unlikely to happen quickly, making it an alternative scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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