The pound sterling is consolidating above the 1.2510 level. This poses a risk to the convergence, which is still attempting to reverse the price upward. A consolidation below the 1.2510 level opens the possibility of a breakout to 1.2367.
A false breakout upward to resistance at 1.2616, where the price would also encounter the balance line, is possible.
The price is forming a descending wedge on the four-hour chart, and the Marlin oscillator is balancing along the neutral zero line.
The MACD line reinforces the resistance level at 1.2616 from above, increasing the risk of a false upward breakout. According to the main scenario, we expect the price to consolidate below the 1.2510 level.
