At the end of yesterday's trading session, GBP/USD gained 77 pips. Contrary to expectations, instead of consolidating below the 1.2367 level, the price consolidated above it after briefly testing that level with a lower shadow. The upward reversal of the Marlin oscillator from the zero line reinforces the bullish momentum.
If the price breaks above 1.2500, the uptrend could extend towards 1.2616, complicating the correction that began on January 13.
On the H4 chart, the Marlin oscillator remains in positive territory, while the price has moved above the balance indicator line. The next resistance is located at the MACD line, which stands at 1.2474, and the pair appears to have enough momentum to surpass it.
A solid breakout above 1.2500 will serve as a key signal for further growth. However, if this level is not breached, the price is unlikely to fall below 1.2367 anytime soon and may continue to trade within the 1.2367–1.2500 range for several more days.
