In the first half of Tuesday, the pound lost more than 60 points, but soared up in the afternoon, showing a range growth of 120 points. As a result, the pound consolidated above the target level of 1.2154 (Fibonacci level of 238.2%), which opens the target for the next Fibonacci level of 223.6% at the price of 1.2230. This level converges at one point with the price channel line of the daily timeframe. The Marlin oscillator is in the growth zone – it has a positive value of 0.0005.
On the lower H4 chart, the price is above the red indicator balance line and the MACD line showing the trend direction turns up. The signal line of the Marlin oscillator also returned to the growth zone. We are waiting for the price at 1.2230.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.