It took the British pound two days to overcome the one and a half figure range of technical levels 1.2250 and 1.2100. Support at 1.2100 on Friday was strengthened by the balance indicator line, and now the price is preparing a new attack on it.
Overcoming this support opens the target at 1.1970 – the MACD line of the daily scale, then the decline may continue to the target level of 1.1800. The Marlin Oscillator is approaching the border with the downtrend territory in order to overcome it and help the price overcome the support of the MACD line.
The price is preparing a second attempt to overcome the support at 1.2100 on the four-hour chart. The signal line of the Marlin Oscillator is turning down from the zero line, this is a technical sign of the continuation of the current trend. We are waiting for the price to settle under 1.2100.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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