Last Friday, the pound confirmed its consolidation above the support at 1.2155 by closing the second white candle. The signal line of the Marlin oscillator does not share the price’s optimism and outlined the breakdown of the lower limit of its own range.
The price has a weak chance of reaching 1.2410 (low of April 28). In this case a triple divergence may form (along the turquoise line). As for the intention to develop the downward movement, the price may settle under 1.2155.
On the four-hour chart, the price plunged below the MACD line and the balance line again. The Marlin crossed the area under the zero line while the price breaks through the area under the indicator supports. This is a signal for a short-term decline in price. We are waiting for the price to settle under the nearest support at 1.2155.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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