By the end of yesterday's trading session, GBP/USD had gained 84 pips, successfully breaking through the resistance level at 1.2616 and paving the way toward 1.2708. If the price consolidates above this level, it will aim for the target range of 1.2816 to 1.2847.
The Marlin oscillator shows enough bullish momentum within its narrow ascending channel to drive the price toward this target range. However, if the price consolidates below 1.2616 on the daily chart, the 1.2500 target may reopen.
On the four-hour chart, the price has consolidated above the balance line and the MACD line at 1.2616, while the Marlin oscillator remains in positive territory. The trend appears to be bullish, and we are monitoring how the price reacts around 1.2708 for further confirmation.
