The British pound is slightly gaining this morning after yesterday’s successful attempt to resist the bulls as the price approached the target support level of 1.2678. The signal line of the Marlin oscillator is slowly turning upward, indicating the remaining potential for a decline..
The main goal in the near term is to settle below 1.2678, which would not only open up the immediate support level at 1.2600 but also the MACD line at 1.2515, as 1.2678 is a strong level. A breakout above 1.2785 may push the pair to 1.2870, presenting an alternative scenario.
On the four-hour chart, the price is trying to reach the target level at 1.2785, where the MACD line is located. Therefore, if the situation develops according to the most plausible scenario, then there’s a good chance of a reversal into a new downward wave towards 1.2600 and then to 1.2515.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD:
The British pound is slightly gaining this morning after yesterday’s successful attempt to resist the bulls as the price approached the target support level of 1.2678. The signal line of the Marlin oscillator is slowly turning upward, indicating the remaining potential for a decline..
The main goal in the near term is to settle below 1.2678, which would not only open up the immediate support level at 1.2600 but also the MACD line at 1.2515, as 1.2678 is a strong level. A breakout above 1.2785 may push the pair to 1.2870, presenting an alternative scenario.
On the four-hour chart, the price is trying to reach the target level at 1.2785, where the MACD line is located. Therefore, if the situation develops according to the most plausible scenario, then there’s a good chance of a reversal into a new downward wave towards 1.2600 and then to 1.2515.
The material has been provided by InstaForex Company – www.instaforex.com
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