On Wednesday, the British pound reached the target support level of 1.3369, corresponding to the June 23 low. Previously, this level was slightly lower, based on the July 16 low.
A rebound occurred from this support zone, which could potentially lift the price above the MACD line (at 1.3434), thereby opening the path toward the next target at 1.3525. However, the Marlin oscillator remains in negative territory, suggesting that the anticipated upward movement will not be easy — especially considering that the entire 1.3369–1.3525 range represents a long-term zone of free movement.
On the four-hour chart, the MACD line at 1.3430 is the immediate resistance. The Marlin oscillator, unfortunately for the bulls, remains stuck in negative territory and has yet to support the potential bullish transition.
It is clear that the pound is closely watching external markets, with its primary driver being the U.S. Treasury market, which has remained flat for the past three days.
The material has been provided by InstaForex Company - www.instaforex.com
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GBP/USD
On Wednesday, the British pound reached the target support level of 1.3369, corresponding to the June 23 low. Previously, this level was slightly lower, based on the July 16 low.
A rebound occurred from this support zone, which could potentially lift the price above the MACD line (at 1.3434), thereby opening the path toward the next target at 1.3525. However, the Marlin oscillator remains in negative territory, suggesting that the anticipated upward movement will not be easy — especially considering that the entire 1.3369–1.3525 range represents a long-term zone of free movement.
On the four-hour chart, the MACD line at 1.3430 is the immediate resistance. The Marlin oscillator, unfortunately for the bulls, remains stuck in negative territory and has yet to support the potential bullish transition.
It is clear that the pound is closely watching external markets, with its primary driver being the U.S. Treasury market, which has remained flat for the past three days.
The material has been provided by InstaForex Company - www.instaforex.com