Yesterday, the pound sterling rose to the resistance area of the embedded descending price channel and the daily balance indicator line.
In today’s Pacific session, the price thought about its ability to rise while being below the balance line and with the Marlin oscillator in negative territory. In such a situation, along with a tendency to fall, the black body of the candle will indicate the advantage of the downward trend.
On the 4-hour chart, the price shows an intention to rise while being above both indicator lines and with the Marlin oscillator showing progress in the uptrend territory. However, this trend is weak, and overall, the pound continues to move within a wide range, with recent breakouts in both directions proving to be false movements. We are waiting for the European Central Bank meeting on Thursday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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