The British pound’s decline slowed down, the Marlin oscillator began to turn into a corrective growth on the daily scale. The price is still able to reach the target range of 1.2436/76, or at least its upper limit before the development of corrective growth, but may not reach it, so in the current situation this moment becomes the main intrigue. But no matter how the situation develops, the correction is overdue, so the most practical solution would be to wait for its completion and open new short positions.
On the four-hour chart, the signal line of the Marlin Oscillator turned up ahead of the price, so the option to reach the 1.2436/76 range is very likely, which will lead to the formation of convergence with the Marlin Oscillator, after which a pronounced correction and then a new round of medium-term decline may occur.
The MACD indicator line tends to approach the price, it can become a reference point and resistance for correction. Therefore, the longer it takes for the correction to not emerge, the weaker it will become in the future. So, we are following the development of the planned correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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