On the daily chart, the pound is consolidating below the 1.3080 level. The reversal is delayed, and we are waiting for the price to consolidate above 1.3080. This remains the main scenario. However, if the price cannot withstand the ECB’s rate cut and drops below the lower boundary of the ascending price channel, around the 1.2905 level, the pound may be positioned for a long-term decline.
The Marlin oscillator is moving sideways and consolidating, which is currently a sign of a potential reversal. However, if consolidation continues, it may indicate an upcoming decline.
On the four-hour chart, Marlin is consolidating above the zero line. The price now needs to break through trendline resistance and the balance line. A stronger resistance level is at 1.3141, as it is reinforced by the MACD line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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