GBP/USD

The British pound is rising, but the accompanying Marlin oscillator is quite weak. Before the bulls are not just the desired targets — 1.3834, 1.3935, etc. — but also potential traps from which the bears could launch an unstoppable offensive.

On the daily chart, the trend remains upward, which is also confirmed by the Marlin oscillator breaking upward out of its own descending channel. However, there is also suspicion that this might be a trap — it may be a false breakout from the channel, similar to what occurred on May 12, when it was a breakout to the downside (highlighted by a yellow rectangle).A trend reversal would occur if the price breaks below the support level at 1.3635, which is additionally reinforced by the MACD line.

On the four-hour chart, the price appears to be finishing a consolidation phase. During this consolidation, the Marlin oscillator has had time to decompress and prepare for further growth. As long as the trend remains intact and no signs of reversal appear, we expect the price to continue moving gradually upward.