The British pound traded in a range of 155 points on Wednesday, closing the day with a black candle of 13 points just above the target level of 1.2250. This morning, the price breaks below this level, which looks quite plausible after the previous two-day consolidation.
The Marlin Oscillator is moving sideways in the downward trend territory. The 1.2073 target remains relevant. On the way to 1.2073, the price is waiting for a moderately strong support at 1.2177 – the MACD indicator line on a four-hour scale.
Yesterday, the price failed to settle below it, today, such an attempt is likely to follow. This plan will be violated if the price goes above Tuesday’s high at 1.2323, and then the growth may continue to the target range of 1.2436/76.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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