With yesterday’s downward movement, the pound slightly fell below the support level at 1.2785 and left further actions for today. The main task for today is to settle below 1.2785. If this does not happen, the resistance level at 1.2870 will be at risk of being breached, and the pound will continue to rise towards the target level of 1.2940.
The Marlin oscillator shows a reversal, although not from the overbought zone, but still increases the probability of a bearish scenario. Staying below 1.2785 opens the way to 1.2678 (the high of May 10). In this case, we’ll find out which direction the price will move in the medium-term.
On the four-hour chart, the Marlin oscillator has formed a weak reversal pattern and is now trying to enter the downtrend territory. Breaking yesterday’s low at 1.2769 will inspire the bears to accomplish their tasks.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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