The British pound has exceeded our expectations in forming a divergence. Such divergence was created on the daily chart by the end of Friday. This morning, the price is trying to move even further away from the 1.2422 level.
The nearest target is now the MACD line in the area of 1.2322. Crossing the support level will open the target at 1.2155 (the low of May 13, 2022, and the approximate high of November 24, 2022).
On the four-hour chart, the price is falling below the balance and MACD indicator lines, and Marlin is moving deeper into the area of the downtrend. We are waiting for the development of a downtrend in the short-term. And we are waiting for a correction either from 1.2322 or from 1.2155.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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