On Friday, the British pound sharply fell towards the target level of 1.2370. The signal line of the Marlin oscillator managed to stay in the upper half of its own descending channel and has already turned upwards. The pound is likely on track for a correction.
The boundary for such a correction is at the level of 1.2427. If the price manages to settle below the support at 1.2370, it will pave the way towards the target range of 1.2287-1.2307 (the peak of October 24, 2023). On the 4-hour chart, Marlin has settled within the downtrend territory.
The price has lingered at the support. If the price consolidates below the level of 1.2370, this will be the initial signal for further downward movement. This signal can be confirmed using the price’s consolidation on the daily timeframe. Therefore, the situation will only be resolved tomorrow morning.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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