On Friday, the pound sterling reached the first bearish target of 1.2447. If the bulls manage to successfully test its strength, then the price can stop and go for a correction from the support of the MACD line (1.2395).
Subsequent consolidation below the MACD line paves the way to the target level of 1.2273. On the 4-hour chart, the Marlin oscillator is turning up, perhaps the correction will already occur from the reached support.
The depth of this correction is conveniently determined by Fibonacci correction levels: 1.2500 (23.6%), 1.2533 (38.2%). If the price continues to decline and the correction comes from 1.2395, then the main resistance will be the 1.2447 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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