The pound’s sharp growth on April 13 (the white candlestick is marked with an arrow) can be understood in two ways: a trend reversal into growth and a “shake-up” of the market before further downward movement.
Taking into account the discontinuation of the shake-up on the balance indicator line and the restraint of the Marlin Oscillator, the main scenario is the second option – further downward movement. The decline is supposed to be slow due to the Marlin Oscillator’s restraint – this technical instrument does not feel the bears’ maturity. The immediate target at 1.2900 is the December 2019 low.
On the four-hour chart, the price settled below the MACD indicator line. The price failed for the second time, after the 13th, to go above this indicator line. The Marlin Oscillator is trying to consolidate below the zero line. In general, the situation is currently neutral. If it matures to a falling one, then tomorrow.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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