Yesterday, the pound showed increased volatility while the dollar index fell by 0.57%, the trading range was 120 pips with the day closing 8 pips above its opening level. On the technical side, nothing has changed for the pound. The Marlin oscillator, as before, develops sideways movement.
But there is one difference - the pound started today by falling, whereas yesterday, it started with growth. This increases the potential for downward movement, and we can already say that an attack on the target level of 1.1914 has begun. A consolidation under that level opens the target at 1.1737, which is the high on September 13, 2022.
On the four-hour chart, the price breaks through under the MACD indicator line, being under the balance line. The Marlin oscillator is in negative territory, which was not the case yesterday morning, and this is also an argument for a good starting position for the bears. We are waiting for the breakout of 1.1914
Relevance up to 03:00 2023-03-03 UTC+1 This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Read more: https://www.instaforex.eu/forex_analysis/336497
