The British pound added more than 60 points at the end of Monday, marking 100.0% at the Fibonacci level (July 20 low). There is a possibility of a downward reversal from this level to the Fibonacci level of 123.6% (1.3413) or to the level of 138.2% (1.3313). Confirmation of the upward reversal will be the price exit above the MACD indicator line, above 1.3630.
There are no clear signs of an upward or downward price movement on the four-hour chart. But here it can be noted that the resistance of the MACD line at the price of 1.3630 coincides with its resistance on the daily chart.
This circumstance increases the significance of the line (level) and will become a fairly confident signal for a medium-term price rise (1.3910) when it overcomes this level.
A decline below the Fibonacci level of 110.0% (1.3503) will be a signal to advance to 1.3413.The material has been provided by InstaForex Company - www.instaforex.com