GBP/USD

Yesterday, the British pound managed to break above and confirm its position above the daily balance indicator line. Today began with optimistic growth, and the target of 1.3525 is poised to be broken. The 1.3593 MACD line target may turn out to be only a temporary stop on the way to 1.3631.

If the price holds above this level, growth could extend to 1.3834. The Marlin oscillator is very optimistic. This perhaps overly optimistic rally may continue right up until the FOMC meeting on September 17 or the Bank of England meeting on September 18.

Nevertheless, keep an eye on the upper border of the global price channel near 1.3710 on the weekly chart.

The pound's optimistic smile hides many dangers. On the four-hour chart, even a short-term success requires the price to move above the MACD line, which lies just above 1.3525.

Therefore, even short-term further growth requires consolidation above this resistance. The next immediate target is 1.3593—the daily MACD line, which coincides with the August 14 high.