The British pound closed Friday with gains, and Monday opened with continued optimism. As noted earlier, the pound has been moving simultaneously within several ranges. Now we see a rebound from the support level at 1.3525, which indicates that the 1.3525–1.3631 range is being worked out, with the price currently heading toward its upper boundary. In this case, a return to support at 1.3525 followed by a new wave of growth toward the July 1 high can be expected.
However, if the price develops within the broader 1.3452–1.3631 range, the 1.3525 level becomes an intermediate support, and after testing 1.3631, a decline toward 1.3364 may follow, marking the lower boundary of the wider range. Should the price move within the 1.3354–1.3631 range, the upper boundary may not be reached, which would signal a reversal, as was the case on July 24. Consequently, the decline could turn out to be deeper.
In conclusion, we observe multiple potential scenarios for the British currency, reflecting its wait-and-see stance.
On the four-hour chart, the Marlin oscillator has shifted into negative territory, creating the conditions for consolidation below 1.3525. However, support from the MACD line lies beneath, followed slightly lower by linear support at 1.3452. Free wandering continues.
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