The double convergence on the pound’s daily chart failed to materialize, and its momentum was only sufficient to keep the price within the 1.2859–1.2994 range. Now, the signal line of the Marlin oscillator has aligned with a descending channel.
According to this channel, even if Marlin does not thoroughly test the lower boundary, it will still move into the oversold zone, which could correspond to a test of the 1.2612 support level. We are awaiting the daily close below 1.2859.
On the four-hour chart, the price is consolidating slightly at the 1.2859 level. A confirmed break below this level will open the path toward the first target at 1.2773. Today, employment data for the UK in September will be released. The unemployment rate is expected to rise from 4.0% to 4.1%. These figures could potentially contribute to the pound’s decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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