The pound sterling did not even reach the nearest peak of 1.2524 from April 4th and collapsed by 75 points yesterday. On the daily chart, the Marlin oscillator has entered the area of the downtrend.
Now the price can reach the support of the MACD line (1.2340). Crossing the support and being able to consolidate over it will open the prospect of medium-term downward movement with the first target at 1.2273 along the way.
On the four-hour chart, the price has fallen below the MACD indicator line, and the Marlin oscillator has settled in negative territory. Crossing yesterday’s low of 1.2386 opens the way to 1.2340.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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