Over the past four days, the British pound has formed a consolidation above the support level of 1.2645. A distinct break below this mark will open up the target of 1.2524. Accordingly, if the price consolidates above the resistance of 1.2745, the target will be 1.2837. The Marlin oscillator’s downward bias in its own channel shifts the precedence towards the bearish scenario.
The bears could aim for 1.2373 – the November 17 low near the green line of the price channel, towards which the MACD line is advancing. In addition, this level corresponds to a 50% correction from the entire upward movement since October 4.
On the 4-hour chart, the price intends to overcome the support of the MACD line and the target level of 1.2645. Being able to do so along with a subsequent consolidation will pave the way for the pair to reach the target of 1.2524 – the November 24 low and the April 4 high.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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