Yesterday, the British pound lost 20 pips. The price stopped falling at the support of the intraday balance line. The signal line of the Marlin oscillator approached the boundary of the bearish territory. A simultaneous transition of the oscillator through the zero line with the price dropping below the support level of 1.2755 is possible.
In this scenario, the price could fall rapidly. The first target of the new short-term trend is 1.2633 – the peak of May 3, coinciding with the MACD line. On the 4-hour chart, the Marlin oscillator is already in negative territory, in an attempt to quickly move towards the target level of 1.2743.
However, since this level is reinforced by the MACD line, we expect an attack with the emergence of some important external factor. Tomorrow, the UK will release a block of data on GDP, construction, industrial production, and the UK trade balance.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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