The pound’s outstanding action on the 21st was neutralized by yesterday’s 64-point drop, followed by the dollar strengthening by 0.32%. The price failed to do the main thing in order to continue to rise – to come above resistance 1.2155. The price has a small chance to do that, however, it needs to wait for the signal line of the Marlin oscillator to enter the area of positive values, because the current situation on the daily chart is fully bearish, there are no signs of growth.
The main scenario is still a downtrend and includes a breakthrough of the nearest support at 1.1914 and further slide to 1.1737, the peak of September 13,2022. The 1.1644 level, the October 27 high, is a more solid target support.
On the four-hour chart, the price is still above the balance line (red) and the MACD indicator (blue), the Marlin oscillator is rising. The situation is upward. But if the dollar continues to attack currencies and commodities (and oil fell in price by 2.90% yesterday), the barrier in the form of the MACD line (1.1985) will soon be overcome.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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