Yesterday, the British pound did not reach the target support level at 1.2590, deciding to stop at the low of August 3. Such a scenario is also likely as the first wave of decline from July 14 ends. Now, either a deep or prolonged correction is possible. The correction target is the Fibonacci level of 50.0% at a price of 1.2880.
However, for now, the price is trying to stay in the 1.2666-1.2720 range. The price moving above the upper band of this range would be the first step towards overcoming the 1.2777 – resistance of the MACD line. In this case, the signal line of the Marlin oscillator will move out of its range to the upside. If the price can settle below 1.2666, then it might continue to fall to 1.2508 – to the embedded price channel line of the monthly chart.
On the 4-hour chart, the price has consolidated above the MACD line. The Marlin oscillator is consolidating before the boundary of the uptrend territory. The pair is prepared to attack 1.2720. Today, reports on UK employment data and the US retail trade data will be released. These reports may determine the pound’s direction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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