Yesterday, the British pound closed the day by 127 points growth on a statement by Angela Merkel about the possibility of resolving the issue on the border with Ireland in the framework of Brexit until October 31. On the daily chart, the price went above the price channel line above the Fibonacci level of 223.6%. The Marlin oscillator line went into the growth zone and the price is moving towards the Kruzensten line at around 1.2302. Overcoming resistance will allow the price to rise even higher to a minimum of July 17 at the price of 1.2381.
On the four-hour chart, the Marlin line got a reversal from the border separating the growth zone from the declining zone. An upward turn occurred from the line of balance (red indicator).
Since yesterday’s Merkel’s statement was only a working one, this news will be fulfilled today or tomorrow. From the first or second target level, we are waiting for the price to turn downward.
Origin: InstaForex
