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The British pound is consolidating at its recently reached height, at the intermediate short-term growth level of 1.3452. A firm break above this level will open the way to another intermediate level at 1.3525, the low of July 8. The Marlin oscillator has settled in positive territory, adding optimism for the bulls.
However, as long as the price has not firmly consolidated above the current level, there remains a risk of the oscillator returning to the downward trend area. In that case, the current move of the oscillator above the zero line will prove to be false, which would strengthen the downward price movement.
On the four-hour chart, the price is cooling off after a sharp rise from the MACD line. Now, if the Marlin oscillator moves into negative territory, the price may complete its consolidation and decline towards the support at 1.3364, where it could resume consolidation to gather strength for a battle with the MACD line (1.3325). We await further developments.
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