From August 31st to the present day, the GBP has declined by 470 points, but the signal line of the Marlin oscillator has formed a wedge pattern with a slight downward tilt against this backdrop. Statistically, such patterns mainly lead to the oscillator breaking out of the wedge as it heads upwards, while the price undergoes a reversal that turns into a correction.
In our case, if the price exceeds the nearest resistance at 1.2307, the next target will be 1.2444. The pound may not reach the 1.2200 target, which was formed by the embedded line of the price channel. Testing the support could result in an upward bounce.
A small convergence has formed on the 4-hour chart, which might be enough to prevent the price from testing the support at 1.2200. In this situation, it is more convenient for the price to focus on breaking the resistance at 1.2307, reinforced by the MACD line, and not to dissipate forces before such a task.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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