Reaching for Resistance: GBP/USD Targets 1.3000 Amid Divergence Signals
Aa
Share
GBP/USD
In a complex and convoluted game shown on Monday, the pound sterling reached the target level of 1.2870. Conditions for divergence with the Marlin oscillator were formed.
But these are bare minimum conditions for a divergence, with the pound's strength, it can easily rise to the next resistance level of 1.3000, and from there it can form a stronger signal for a reversal. The divergence will remain, it will become more light and moderate.
On the four-hour chart, the situation is standard for moderate growth: there was a reversal of the oscillator signal line from the zero line, and the price is rising above both indicator lines. Consolidation above 1.2870 will allow the price to extend its growth. The first sign of a reversal (from the current level) will appear only when the price is firmly trading below 1.2785.
