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Yesterday, the British pound rose by four pips, pushing the Marlin oscillator lower and bringing it to touch the zero line.
We can now expect the upward signal to solidify and the price to rise toward the target level of 1.3101. We do not expect the Marlin oscillator to make a false move into bearish territory, which means we do not anticipate a decline to the lower target range of 1.2816 to 1.2847. This expectation is based on the fact that there have been no false signals on the oscillator throughout the visible chart since November of last year.
On the four-hour chart, it's clear that the price failed to consolidate above the signal level of 1.2944, and Marlin also failed to stay in positive territory. Today, we expect another attempt. A successful breakout will open the way to the nearest target of 1.3001, followed by a move toward 1.3101.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
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