GBP/USD
On Monday, the British pound rebounded after falling on Thursday and Friday. Today, the price has been in the middle of the 1.2547 and 1.2684 range since trading opened, with the Marlin oscillator rising, which restrains the pressure of the balance and MACD indicator lines.
A break above 1.2684, which would automatically push the Marlin oscillator into the positive territory, could potentially open up the elusive target of 1.2799-1.2814. A break below the support of 1.2547 could shift the current neutral state towards a decline to either 1.2485 or 1.2447.
On the 4-hour chart, the price is currently struggling to break above the balance line, Marlin is moving sideways below the zero line, and the MACD line is slightly pointing downwards. A bearish bias in the short-term perspective. However, given these circumstances, the 1.2684 level seems quite important – if we can confirm that the price will stay above this level then this could serve as a signal for growth, causing the indicators to turn upwards.