GBP/USD Daily Chart Analysis: Potential Breakout and Correction
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GBP/USD
The first thing that catches our eye regarding the changes on the daily chart over the last 24 hours is how the Marlin oscillator leaves its signal line from its own upward consolidation. Yesterday, traders attacked the MACD line, and the daily candle settled above 1.2720.
Obviously, the price is preparing another attempt to overcome the MACD line (1.2786), coinciding with yesterday's high. Consolidating above this line can send the pound into a deep correction with targets at Fibonacci levels: 1.2879, 1.2940. Returning the price to the 1.2666-1.2720 range will create another uncertain situation. Consolidating below 1.2666 will open the first bearish target of 1.2590.
