The double divergence on the daily chart for the British pound proved quite effective, with Friday’s price drop amounting to 75 points. This morning, the price shows an intention to reach the MACD line (1.2638), which it failed to do on Friday. Breaking through 1.2638 opens the target of 1.2596. Further, the target of 1.2517, the February 5 low, becomes achievable.
The price continues to decline on the four-hour chart after consolidating below the indicator lines. The Marlin oscillator is doing its job (pulling the price down) while in the territory of a downward trend. Consolidating the price below 1.2638 on this scale opens the target of 1.2596.
There is a market discussion about a rate cut by the Bank of England in August. Investors believe that a signal regarding this will be given at the BoE meeting on June 20.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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