After three days of the pound’s unsuccessful attacks on resistance at 1.1940, the price is now pulling back with the intention to overcome support at 1.1737. This is indicated by the Marlin Oscillator intensifying the downward movement after creating a divergence with the price. Settling below 1.1737 would open the 1.1500 target.
On the four-hour chart, the price is currently struggling with the support of the balance line indicator, a withdrawal under which can develop a decline in the medium term.
The MACD line is at the 1.1737 level, accordingly, overcoming this support will strengthen the pound’s downward mood in the medium-term. The price is currently regaining the initial impulse, set by the reversal of the Marlin Oscillator from the zero line (arrow).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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