The British pound opened with a gap of 31 points on the first day of the week, fell a bit more during the day, and then closed the gap before the close of the session. This morning the gains picked up, probably on the news that Liz Truss is becoming British prime minister. She promised to lower taxes during the election campaign.

The price approached the 1.1600 resistance on the daily chart. A transition above the level opens the target at 1.1650, and then there may be an increase to 1.1815 or slightly lower, to the MACD line (1.1755). The Marlin Oscillator turned up sharply and this is a harbinger of a correction.

The price broke above the MACD line on the four-hour chart, Marlin consolidated in the positive area. There are all prerequisites for continued growth to at least 1.1650. After the completion of the correction, a new medium-term downward movement is likely.