The price has formed a falling wedge chart pattern on the daily timeframe. A breakthrough of its lower boundary will prolong the decline in the medium term. Sometimes falling/rising wedges act as reversal patterns, but not this time as the UK is in the middle of a political crisis with several Boris Johnson cabinet ministers resigning yesterday, including Treasury Secretary Rishi Sunak.
Minister of Education Nadim Zahavi has been appointed as the new Minister of Finance. At the same time, the index of business activity in the construction sector in June fell from 56.4 to 52.6. We are waiting for the pound to fall further to the target levels of 1.1800 and 1.1660.
The signal line of the Marlin Oscillator has slightly reversed from the support line of its own descending channel. It is likely that today the price will not rush and outpace tomorrow’s events, when important US employment data is released.
The price continues to develop convergence with the Marlin Oscillator on the four-hour chart, which confirms the price’s intention to spend today in consolidation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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