Yesterday, the British pound successfully tested the target level at 1.2847. This level is intermediate, so it’s too early to talk about the bears’ victory; the price must settle below this level.
The Marlin oscillator’s signal line is starting to turn upwards from the zero line – the border of the bearish territory. A correction is possible, after which we expect a new round of downward movement and the price could enter the 1.2666-1.2720 range. The MACD line is already penetrating this range.
On the four-hour chart, the price has formed a minor convergence with Marlin. A correction to one of the target levels is possible: 1.2903, 1.2963, which are the local extremes of July 12 and July 20. The UK will release its retail sales report for June, with a forecast of 0.2%, which is enough for a moderate correctional growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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