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The British pound has approached the resistance level of 1.2367, which aligns with the Fibonacci retracement of the most recent decline from December 6 to January 13. This retracement is enough to potentially resume the medium-term downward movement. Notably, the Marlin oscillator has already reversed without reaching the zero line.
If the pound continues to rise and reaches the target level of 1.2510, particularly if supported by better-than-expected PMI data on Friday (although current forecasts suggest a decline), we anticipate a reversal at 1.2510, as this level is strongly reinforced by the MACD Line.
On the H4 timeframe, both the price and the Marlin oscillator have formed a reversal divergence pattern. While the price may struggle to rise above 1.2367, if it manages to break through and consolidate above this level, it will set the stage for further growth toward 1.2510.
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