On the weekly chart, the pound has been consolidating around the MACD line for three weeks without consolidating above or below it. If the current week closes below the MACD line (at the level of 1.3414), a bearish consolidation will occur. Thus, the pound's task is to try to close the week above this mark.
This task is quite challenging because the Marlin oscillator has been declining for all three weeks, and even if the price holds above 1.3414, the oscillator may not have enough time to rise into positive territory. If this happens, the pattern from the week before last may repeat.
On the daily chart, the price is struggling against resistance from both the MACD line and the 1.3369 level, with no support from Marlin. The oscillator may only enter positive territory tomorrow.
On the four-hour scale, the price is attempting to break above the MACD line, while the Marlin oscillator is crossing above the zero line (the boundary of the growth territory). This synchrony is positively influencing short-term quote growth. Therefore, the likelihood of the price breaking above 1.3369 is high, at least on the H4 timeframe.
The material has been provided by InstaForex Company - www.instaforex.com
Latest comments
Join the conversation
You can post now and register later.
If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.
On the weekly chart, the pound has been consolidating around the MACD line for three weeks without consolidating above or below it. If the current week closes below the MACD line (at the level of 1.3414), a bearish consolidation will occur. Thus, the pound's task is to try to close the week above this mark.
This task is quite challenging because the Marlin oscillator has been declining for all three weeks, and even if the price holds above 1.3414, the oscillator may not have enough time to rise into positive territory. If this happens, the pattern from the week before last may repeat.
On the daily chart, the price is struggling against resistance from both the MACD line and the 1.3369 level, with no support from Marlin. The oscillator may only enter positive territory tomorrow.
On the four-hour scale, the price is attempting to break above the MACD line, while the Marlin oscillator is crossing above the zero line (the boundary of the growth territory). This synchrony is positively influencing short-term quote growth. Therefore, the likelihood of the price breaking above 1.3369 is high, at least on the H4 timeframe.
The material has been provided by InstaForex Company - www.instaforex.com