Last Friday, the British pound’s sharp drop against the attack on the support at 1.2596 showed that it is not a very strong level; if the price manages to break through this mark, it can easily reach the target level of 1.2500. The signal line of the Marlin oscillator is steadily decreasing in the downtrend territory. We are waiting for the price to break below the support at 1.2596.
The 4-hour chart shows the reason for the sharp rebound on Friday – the support of the MACD indicator line, which held the price even after the Marlin oscillator entered negative territory.
But now, Marlin is returning below the zero line. The price is attempting to push below the support of the balance line. We can expect serious progress on the downtrend once the price consolidates below the MACD line, below the 1.2580 mark.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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