On Friday, the British pound opened and closed below the technical level of 1.1170. Now the 1.0828 target is available. The signal line of the Marlin Oscillator also looks fixed below the zero line, in the downward trend zone. Consolidation under 1.0828 will open the second target at 1.0535.
A factor that could postpone the pound’s decline is tomorrow’s employment data in the UK, which, with the expected maintenance of the unemployment rate at 3.6%, may show an improvement in the employment structure, including wage growth.
The price reached the MACD line and stayed there on the four-hour timescale. The technical price level (1.1170) is pressing on the price from above, so the lateral price movement is unlikely to be long. With the departure of the quote under Friday’s low at 1.1055, the movement to 1.0828 will begin.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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