The growth of the British pound continues. This morning, the price reached a correction of 76.4% from the fall of October 31 – November 8. The correction is deep, consolidation above this level may strengthen the growth trend towards the high of October 21, 1.3012.
The first growth target is the October 31 high at 1.2975. The Marlin oscillator on the daily pushes the boundary with the growth territory.
On a four-hour chart, the price is testing the Fibonacci level of 76.4%. The signal line of the Marlin oscillator lies in a horizontal trend, which gives a weak signal for a price reversal from current levels. In case of such success, we are waiting for the price on the support of the MACD line of the scale in question in the region of 1.2817. Both options – uncertain growth and a downward reversal, are equally probable.
Origin: InstaForex
