The pound closed below the target level of 1.1525 on Friday, and today it opened with a falling gap. The 1.1385 target is open, and after closing the gap, we expect the price to drop to the specified target. The second market target may be the 1.1305 level, which is slightly below March 2020.
Today, the UK business activity index comes out in the final assessment for August – the forecast is at the level of July at 52.5 points. Composite PMI is also expected to remain unchanged at 50.2 points. The data may contribute to the pound’s correction. Additional optimism to the market may be given by good data on retail sales in the euro area – the July forecast is 0.4%.
The price is falling below the balance and MACD indicator lines on the four-hour chart, consolidating under the target level of 1.1525. The Marlin oscillator has been moving sideways since August 31, this circumstance allows the price to close the gap during the day. Then we wait for further decline from the price.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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