On Thursday, the British pound climbed back to the target level of 1.2994, likely driven by the influence of a double convergence. The Marlin oscillator almost reached the zero line, but the price fell short of reaching the Tuesday-Wednesday highs. This indicates a weakening of bullish momentum.

If the price consolidates above 1.2994 and the oscillator moves into positive territory, the pound could advance towards 1.3080 or higher.

The four-hour chart highlights the current uncertainty in price action. The price is caught between the MACD Line and the resistance level at 1.2994. However, a clear technical solution emerges: Consolidation above 1.2994 could lead to an advance toward 1.3080. Conversely, a move below the MACD Line (1.2947) opens the door for a retest of 1.2859.