The British pound capitalized on the general weakness of the dollar amid increased risk appetite in the stock market, repeating the pattern from September 3 by returning above the 1.3364 level (as shown in the rectangle on the daily chart). The pound would clearly like to reach the target resistance at 1.3525, but it feels somewhat uncertain near the MACD line, as seen on September 9–11 and 23. Therefore, only consolidation above this line, above 1.3476, may give the pound a chance to hold above 1.3525.
The Marlin oscillator remains cautious, and while it is in negative territory, the pound's growth may stay unstable. If Friday's U.S. September labor market data comes out weak, further growth toward 1.3631 may be expected.
On the four-hour chart, technical convergence has taken shape in its traditional form. The Marlin oscillator has settled in positive territory. The price now faces the significant task of overcoming the 1.3476–1.3525 range.
The material has been provided by InstaForex Company - www.instaforex.com
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GBP/USD
The British pound capitalized on the general weakness of the dollar amid increased risk appetite in the stock market, repeating the pattern from September 3 by returning above the 1.3364 level (as shown in the rectangle on the daily chart). The pound would clearly like to reach the target resistance at 1.3525, but it feels somewhat uncertain near the MACD line, as seen on September 9–11 and 23. Therefore, only consolidation above this line, above 1.3476, may give the pound a chance to hold above 1.3525.
The Marlin oscillator remains cautious, and while it is in negative territory, the pound's growth may stay unstable. If Friday's U.S. September labor market data comes out weak, further growth toward 1.3631 may be expected.
On the four-hour chart, technical convergence has taken shape in its traditional form. The Marlin oscillator has settled in positive territory. The price now faces the significant task of overcoming the 1.3476–1.3525 range.
The material has been provided by InstaForex Company - www.instaforex.com