At the end of last week, the pound broke through the support at 1.2524 simultaneously with the signal line of the Marlin oscillator moving into negative territory on the daily timeframe.
If we confirm the initial signal, meaning the price consolidates below the previously breached support, the pair will continue to fall to the next target level at 1.2373 – the November 17th low. It may fall even lower as there is a price channel line below it.
If today closes with a white candle and Marlin returns to the positive territory, then the pair may likely rise to 1.2645, followed by 1.2745 (the August 30th high).
On the 4-hour chart, the price and Marlin have formed a convergence. The price can rise to the initial target of 1.2645. Further upward movement may face resistance from the MACD line. However, with the right distribution of forces, the price can easily overcome this resistance, especially with the Federal Reserve meeting on Wednesday and the Bank of England meeting on Thursday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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