The British pound grew by 56 points yesterday and continues to slightly grow today in the Asian session at new polls in the UK about the preferences of the electorate. The Conservative Party received 43%, while was at Labor 32%. Johnson’s party can form a majority government.
On the daily chart, the price pushed up from the red indicator line of balance. The price can reach the enclosed line of the falling green price channel in the region of 1.3158, but only if it can resolve several important nuances.
The first of them is the exit of the Marlin oscillator signal line into the zone of positive numbers; it can happen if the price approaches close to the Fibonacci line of 0.0%. The second one is on a four-hour chart, the price is waiting for the resistance zone from the Fibonacci levels of 100.0% and 110.0% 1.2975-1.2995.
On this chart (H4), the price has consolidated above the line of balance, the balance is shifted upward, the Marlin oscillator is growing, we are waiting for continued growth in the resistance range 1.2975-1.2995. If the price turns down from it, then this will be a rare case of the fourth peak on the daily chart, which was mentioned in the previous review. The scenario with local growth has now become the main one.
Origin: InstaForex
