A technical double convergence has formed for the British pound. The Marlin oscillator turned upwards on Friday, while it closed the day with a black candlestick. To confirm such an initial reversal signal, the price needs to stay above the resistance at 1.2444 and break above the descending green price channel line.
Such challenging work is unlikely to happen before the results of the Federal Reserve’s meeting on Wednesday. However, if everything goes well for the bulls, the pound may rise to 1.2684 – the level that the MACD indicator line is approaching.
The 4-hour chart has its own convergence. To confirm it and for the corresponding price to rise, it needs to move above the MACD line and consolidate above the target level of 1.2444. We’re waiting for further developments.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD:
A technical double convergence has formed for the British pound. The Marlin oscillator turned upwards on Friday, while it closed the day with a black candlestick. To confirm such an initial reversal signal, the price needs to stay above the resistance at 1.2444 and break above the descending green price channel line.
Such challenging work is unlikely to happen before the results of the Federal Reserve’s meeting on Wednesday. However, if everything goes well for the bulls, the pound may rise to 1.2684 – the level that the MACD indicator line is approaching.
The 4-hour chart has its own convergence. To confirm it and for the corresponding price to rise, it needs to move above the MACD line and consolidate above the target level of 1.2444. We’re waiting for further developments.
The material has been provided by InstaForex Company – www.instaforex.com
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