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Yesterday, the British pound reacted strongly to the release of the US inflation report. The January CPI estimate was down just 0.1% from 6.5% to 6.4% y/y against expectations of 6.2% y/y. The pound showed a range of 150 points. This was probably helped by the moderately optimistic UK employment data where 74,000 new jobs were created in December against the forecast of 40,000.
On the daily chart, the price touched the MACD indicator line. It closed the day above the resistance of 1.2155, and at the moment, the Marlin oscillator is trying to enter the green zone. Price consolidation, i.e. day closing above 1.2155, will allow the pair to try the strength of the MACD line (1.2285). In case it succeeds, the next target will be 1.2420. Moving below 1.2155 will return the balance of forces to its previous state, as the Marlin oscillator will turn down from its zero line. The 1.1900 level will become a target again.
On the four-hour chart, the price formally settled above 1.2155, but under pressure due to the technical situation on the higher chart, the price may fall below the level, and there, an attack on the MACD line at 1.2085. The Marlin oscillator is in the positive area, so the market needs a strong reason to break down. It could be today's big block of data on inflation in Great Britain.
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