Yesterday, the pound did a lot of work and reached a strong support in the area where the target level of 1.2745 coincides with the MACD indicator line on the daily timeframe. The price fell from the resistance at 1.2826. Now, if it can consolidate below 1.2745, it will open up support in the range of 1.2610.
The Marlin oscillator is in a rush to overcome the boundary of the downtrend territory, and if it fails to do so and the price consolidates above both 1.2745 and the MACD line, then the pound may climb above the level of 1.2826, possibly up to 1.2940.
On the 4-hour chart, the price has settled below the balance indicator lines (red) and the MACD (blue) and continues to decline, in an attempt to consolidate below the support level of 1.2745. If it succeeds, the next target will be 1.2610. The Marlin oscillator is supporting this endeavor as much as possible.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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