Over the last four sessions, the British pound has been consolidating above the support at 1.2596 and below the balance indicator line. Most likely, this pattern will lead to a break below the support and the price will fall to the first target at 1.2500.
The signal line of the Marlin oscillator is moving horizontally in the downtrend territory, which also hinders the price from building a corrective rise. If the price manages to break above, it will encounter intermediate (and not weak) resistance at 1.2666 – the low of March 19.
On the 4-hour chart, the price has come close to the MACD line, and the Marlin oscillator is attempting to rise in the positive territory – helping the price to rise above the MACD line. If the price can overcome not only the MACD line but also the key level of 1.2666, the upward movement may extend to the target level of 1.2745. However, for now, we’re waiting for a price reversal from the nearest resistance and an attempt to break below the support at 1.2596.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
