GBP/USD
The British pound overcame the strong resistance of 1.2540 yesterday, formed three technical lines: the Fibonacci level of 123.6%, the indicator lines of balance and MACD. As a result, the price worked at the level of 110.0% Fibonacci and may continue to grow to the level of 100.0% at the price of 1.2725. The signal line of the Marlin oscillator demonstrates the intention to turn around.
In the event of a price reversal, its exit over technical resistance will be interpreted as a false signal and as an independent sign to decrease after false growth.
A reversal and further price fall are possible when consolidating below the MACD line on the H4 chart, below the 1.2540 level. The first target will be a Fibonacci retracement rate of 138.2% at the price of 1.2425. The Marlin oscillator lies in the horizon on this timeframe, the risk of a downward reversal is increased.
The material has been provided by InstaForex Company - www.instaforex.com