The pound sterling experienced a rough day yesterday, but it showed growth at the start of today's session. If the price breaks above the key resistance level at 1.2616 and surpasses yesterday's high of 1.2636, the target of 1.2708 could be easily achieved. This would also open the path toward the target range of 1.2816 to 1.2847.
Conversely, if the price falls below yesterday's low of 1.2562, it may trigger a decline toward support at 1.2500, with a further bearish outlook targeting 1.2367. On the H4 timeframe, the Marlin oscillator has firmly entered negative territory while the MACD line remains untested, suggesting that a short-term pullback toward 1.2537 is still possible.
If the price consolidates below the MACD line, there may be an attempt to break through the 1.2500 support level. However, a consolidation above 1.2616 would indicate that the bulls are regaining control.
