Last Friday, the pound overcame the support of the target level of 1.2073, but it ended the day above it. The pound was the leader of the decline on Friday, and still holds this leadership in today’s Asian session.
The pound’s main task in the near future is to settle under the specified support. Then we can see a decline towards the next target at 1.1800. The Marlin Oscillator is in a neutral position, but in the downward trend zone.
The corrective growth was suspended near the MACD indicator line on the four-hour chart. Also, the Marlin Oscillator has not reached its zero line – the border with the upward trend area. The price will probably still reach the MACD line and Marlin will also test the zero line, but the main idea is to consolidate under the level of 1.2073 so that it has the potential to move towards 1.1800.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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