The British pound is entering a complex technical game. Currently, it is evolving within a narrow range of 1.2666-1.2720 with periodic false upward breakouts seen as shadows on the daily candles. The signal line of the Marlin oscillator is forming its own range in bearish territory. A strong breakout to the downside is possible, similar to the previous upward breakout, with a return to the range of 1.2666-1.2720. The target is the 1.2590 level (the June 29th low).
To continue the decline in the medium-term, the price must consolidate below the aforementioned level. Consolidation above 1.2720 will allow the price to seriously test the MACD line (1.2774) as resistance, with the possibility of settling above it. If successful, the pair could correct to 1.2880 (50.0% Fibonacci level).
On the four-hour chart, the price is falling below the MACD line, not deviating far from it. The Marlin oscillator is developing within a downtrend. Consolidation below 1.2666 will allow the price to reach the support level at 1.2590. Settling below the target level will be the first step towards reaching 1.2508. Nevertheless, the proximity between the price and the resistance level and the proximity of the oscillator’s signal line to the zero line may push the price to surge. We await further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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