The British pound has closed below the 1.3369 support level on the daily timeframe and remains below the MACD line, which has now slipped underneath this level, reinforcing its strength as resistance. The Marlin oscillator is holding in negative territory.
External and correlated markets are showing optimism: the S&P 500 rose by 0.58% yesterday, and futures continued higher this morning on the back of Intel's strong quarterly report. Bitcoin gained 2.22%. The yield on 5-year U.S. Treasuries rose from 3.54% to 3.60%. Brent crude jumped 5.42%. In such an upbeat environment, the pound may attempt to reclaim levels above 1.3369. However, a downside target at 1.3253 remains technically more accessible in the near term.
As a result, the pound is in a state of balance — caught in uncertainty. Any intent to rebound must be confirmed by the price securing a position above 1.3369, which would open a fresh target at 1.3525.
On the four-hour chart, the price is falling beneath the MACD line and heading toward the 1.3253 target. The Marlin oscillator is also trending downward, supporting a bearish scenario. If external markets fail to sustain Thursday's rally — which is plausible ahead of Friday's profit-taking — GBP/USD may reach the 1.3253 target in the short term.
The material has been provided by InstaForex Company - www.instaforex.com
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The British pound has closed below the 1.3369 support level on the daily timeframe and remains below the MACD line, which has now slipped underneath this level, reinforcing its strength as resistance. The Marlin oscillator is holding in negative territory.
External and correlated markets are showing optimism: the S&P 500 rose by 0.58% yesterday, and futures continued higher this morning on the back of Intel's strong quarterly report. Bitcoin gained 2.22%. The yield on 5-year U.S. Treasuries rose from 3.54% to 3.60%. Brent crude jumped 5.42%. In such an upbeat environment, the pound may attempt to reclaim levels above 1.3369. However, a downside target at 1.3253 remains technically more accessible in the near term.
As a result, the pound is in a state of balance — caught in uncertainty. Any intent to rebound must be confirmed by the price securing a position above 1.3369, which would open a fresh target at 1.3525.
On the four-hour chart, the price is falling beneath the MACD line and heading toward the 1.3253 target. The Marlin oscillator is also trending downward, supporting a bearish scenario. If external markets fail to sustain Thursday's rally — which is plausible ahead of Friday's profit-taking — GBP/USD may reach the 1.3253 target in the short term.
The material has been provided by InstaForex Company - www.instaforex.com