On Monday, the British pound tried to break away from the resistance level of 1.2422 as much as possible, but the most that it could do was fall by 70 points and it closed the day with a black candle at 34 points – this is all the price could do in yesterday’s thin market.
The reversal from the April 4th peak is not expressed clearly; in fact, only the Marlin oscillator’s sharp downward movement indicates the bears’ potential. However, in order for this to materialize, the price needs to fall below the MACD line, below the 1.2300 mark. By that time, the signal line of the oscillator will cross the border of the downtrend area, and then the technical situation will be completely downward with the next target at 1.1914 (the target can be adjusted).
On the four-hour chart, the price has settled below the balance and MACD indicator lines, with Marlin developing in the area of negative values. I am waiting for the price to reach 1.2300. A correction is also possible from the support.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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