The British pound struggles to break above the 1.3311 resistance level with a daily candle close. In the current context, this level aligns with the zero (neutral) line of the daily Marlin oscillator.
Interestingly, the signal line of the oscillator has formed an inverted "head and shoulders" chart pattern (highlighted by the gray rectangle). As a result, we expect a breakout above the 1.3311 level, followed by a rapid rally toward the target of 1.3530 — the upper boundary of the ascending price channel.
On the H4 chart, the price is attempting to return above the MACD line. A firm close above it would ensure a breakout above the 1.3311 resistance level. Also worth noting is the oscillator's reversal from the zero line and the price's rebound from the early-May support level at 1.3257.
