Yesterday, the British pound overcame the support of the MACD line with acceleration on the daily chart, and continues its downward movement this morning. The Marlin Oscillator has settled in the downtrend zone, it has a long way ahead, and the nearest price targets are the levels of 1.1800 and 1.1660.
UK retail sales for July are due out today, expected to contract by 0.2% after a 0.2% decline in June sales. Britain’s public sector net borrowing in June is projected to grow from 22.1 billion to 25.3 billion. From the side of statistics, the pound also has no support.
The price settled below the level of 1.1963 (the daily MACD line) on the four-hour chart, the Marlin Oscillator is slightly turning up. If there is a correction, then we do not expect it above the resistance of 1.1963.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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