The pound closed down by 100 points on Friday, having reached the target level of 1.1800 with the lower shadow of the daily candle. After the price settles below this level, further decline to the target of 1.1660 is likely. But while there is a possibility of correction or consolidation from the level reached, which is cautioned by the Marlin Oscillator, which stopped the decline. The correction limit is the MACD line, around 1.1950.
Important economic data will not be released today. The business activity indices for the UK for August will be published tomorrow. Manufacturing PMI is expected to fall from 52.1 to 51.0, Services PMI is expected at 52.0 points against 52.6 a month earlier. The balance of UK manufacturing orders from CBI for August could be 2 against 8 in July. As a result, the probable correction may be completed tomorrow.
The Marlin Oscillator is also turning up on the four-hour chart, showing the pound’s emerging mood for correction. We are waiting for its completion and further price movement down.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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