The pound added another 155 points on Wednesday, breaking the resistance of 1.1500. Now the price is aiming for 1.1760 (July 14 low), and then, under favorable circumstances, may reach 1.1933 (June 14 low). The Marlin Oscillator is in no hurry to turn down.
The prime minister’s decision on the British budget has been postponed until November 17th. The situation is complicated by the fact that the next Bank of England meeting will take place on November 3, and the central bank will not yet have a budget guideline.
The price divergence with the Marlin Oscillator has weakened even more on the four-hour chart, it may soon disappear altogether. But if the divergence turns out to be effective, then the pound will set one more task for its further movement. In the current situation, the technique suggests the following scenario – the price will drop to the support of 1.1500 and resume growth to 1.1760.
The material has been provided by InstaForex Company – www.instaforex.com