Yesterday, the British pound made its first attempt to break the support at 1.2547. The lower shadow broke the level, and this morning the price is trying to push it down again. The Marlin oscillator is not in a hurry to follow the price, warning that the first, as well as the second attempt to overcome 1.2547 quickly following it, has lost a lot of downward potential. At the same time, there is a risk of price convergence with the oscillator.
If the price is able to tap reserves and consolidate under 1.2547, then the pound can aim for a significant technical level at 1.2485 – the embedded line of the global price channel. We expect to see the main battle within the 1.2447/1.2485 range.
On the 4-hour chart, the price is falling below the indicator lines, Marlin is declining in negative territory. To strengthen the current trend, it is necessary for the price to settle below the nearest support at 1.2547. A corrective growth is possible but quite moderate, as the risk of forming a convergence on the daily chart will significantly increase.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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