On Wednesday, the British pound successfully avoided a decline below technical support levels, reversing upward from them. The price rebounded from the MACD indicator line on the daily chart, while the Marlin oscillator turned upward from the lower boundary of its ascending channel.
The price is now heading toward the first target at 1.3635 and upon overcoming it, toward the inner line of the price channel near 1.3714. A longer-term target lies at 1.3834, the intersection of the October 2021 high with a subsequent price channel line.
On the H4 chart, the price halted its upward movement after reaching the MACD line. This line is reinforced by the 1.3590 level—the May 26 high—so consolidation below this level is possible. A firm break above 1.3590 would resume the price's advance toward the first target.
