On the daily chart, the pound forms a three-day consolidation under the target level of 1.3119. The Marlin Oscillator has been in consolidation, or rather in a sideways movement since March 23rd. All this suggests that the price is preparing to go into the target range of 1.2853-1.2900. This scenario will be canceled if the price settles above 1.3119 with subsequent growth to 1.3210.
On the H4 chart, the pound’s range of movement is marked with a gray rectangle, and this wide consolidation passes under the balance indicator line. The signal line of the Marlin Oscillator is moving almost horizontally below the zero line. Also, the MACD indicator line turned down. The potential for a downward breakthrough is piling up.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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