The British pound fell 26 points on Friday – it has overcome the support of the target level of 1.3119 and is preparing for a good advance to the target level of 1.2900. This level corresponds to the December 2019 low and coincides with the 161.8% Fibonacci reaction level. The Marlin oscillator on the daily timeframe is turning down from the border with the growth area and ahead of it there is room for the development of a downward movement.
The price has consolidated under the target level of 1.3119 (March 22 low) on a four-hour scale, declining deeper below the balance indicator line. The Marlin Oscillator is struggling with the resistance of the zero line, under which it is already easier for the bears to develop an offensive.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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