On Friday, the pound could not go past the support at 1.2155, but the Marlin oscillator settled under the zero line, which helps the price to settle under the support.
After such consolidation, we are waiting for the price at the next target level of 1.1933. Correction from 1.1933 is likely, as the MACD indicator line is approaching, which will strengthen the support.
On the four-hour chart, the price is consolidating at the support of 1.2155, having settled under the balance indicator line (red). The signal line of the Marlin oscillator is slightly rising as part of the correction, generally staying in the downtrend area.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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