Yesterday, the British pound tested the target level of 1.2410, as it was in mid-December. Now the pound can continue to decline to the nearest support at 1.2155. This level is close to the MACD indicator line, so it will be the key for the further market development – either medium-term decline (below 1.1737), or growth to 1.2598, in case it doesn’t cross 1.2155.
On the four-hour chart, there are no clear signs of the reversal so far. The nearest would be the transition of the Marlin oscillator into the zone of negative values. But while the price is above the MACD indicator line, the oscillator readings will not be enough.
Therefore, let’s wait for the price to go below the indicator line, below 1.2230, and then watch for the main struggle around 1.2155. This is the main scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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