Yesterday, the British pound fell by 79 pips, forming a range (gray rectangle on the daily chart) before a significant movement. The signal line of the Marlin oscillator has left its own channel by moving downward, indicating that the subsequent movement is most likely a downward movement as well.
The prospect of this movement is visible in the convergence area of the target level of 1.2373 and the green channel’s price line. It has a bullish potential if the price consolidates above 1.2645. Targets are marked on the chart: 1.2745, 1.2837.
On the 4-hour chart, the price has settled below both indicator lines and the level of 1.2645. The Marlin oscillator is heading downward, favoring a downtrend. The initial target is 1.2524. The first sign of a trend change would be the price surpassing the MACD line above the 1.2676 mark.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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