The British pound fully reached the target level of 1.3835 yesterday, emerging above it with the upper shadow on the daily scale chart. The Marlin oscillator has outlined a reversal from the upper border of its own range, which has been stretching since the beginning of the year (marked with a gray area). Now the price can turn down at least as a correction. The price may fall to the target level of 1.3565 (Feb 4 low), to which the MACD line is aiming for on the daily chart.
The first sign for a reversal is given by the Marlin oscillator on the four-hour chart, which is leaving the overbought zone. If the price moves under the MACD line around 1.3742, then the pound intends to reach the specified target of 1.3565.
The material has been provided by InstaForex Company – www.instaforex.com
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