On Tuesday, the pound sterling rose by 43 points. As a result, strong ascending patterns formed on the daily and H4 charts.
On the daily timeframe, we observed a consolidation in the Marlin oscillator, indicating that an upward breakout is likely. Confirmation of this scenario would occur with a move above the 1.2708 resistance level, which would open up a target range of 1.2816 to 1.2847.
On the four-hour chart, the Marlin oscillator is repeating a reversal pattern seen on February 19-20, as highlighted by a gray oval. The price is currently above both indicator lines, and the MACD line, which signals the medium-term trend, is steadily pointing upwards. A breakout above 1.2708 would lead to the target range of 1.2816 to 1.2847.
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