In its growth, the British pound reached the range of 5-day consolidation on August 22-26. Here, a divergence began to form with the Marlin Oscillator. Settling under 1.1737 will also fix this reversal. But as long as there is no such consolidation, we can expect the closure of the gap formed today with the opening of the market.
The first target of the correction is the support level of 1.1500. If the price settles below the level, then a complex and intricate struggle will begin in the 1.1170-1.1500 range, since a serious consolidation has already been formed here since the beginning of October.
On the H4 chart, the Marlin Oscillator at least settles when the price rises, which a little later will turn into a reversal of this indicator. So, when the gap is closed, the price will settle under 1.1737, we are waiting for the pound’s corrective decline to the support of 1.1500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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