On Friday, the pound rose by 108 points while the dollar weakened. This morning, it opened with a rising gap. This makes it difficult for quotes to rise to the target level of 1.2155. The signal line of the Marlin oscillator has shifted into the positive area and now it helps the price to increase even more. Resistance is the balance indicator line.
Bearish factors are the stock market's decline, both on Friday and in today's Asian session, and attempts to restore the growth of the U.S. government bond yields.
The four-hour chart indicates the probability that the price will turn down from the intermediate level of 1.2060, because it has not yet climbed above it. The impact of the high upper shadows can be downplayed by the chaotic nature of the current situation, since today's gap shows that there aren't many trading positions in the range of 1.2030/80, which means that they were closed on Friday, and this is already a speculative game.
The Marlin oscillator is rising on the four-hour chart, but it will reverse downwards if the price starts to fall. The main criterion and confirmation of the reversal is when the price crosses the MACD line, and price falls below 1.1985. Let's wait.