Yesterday, the pound gained 66 points, the trading range was 160 points. Since the upward movement was short-term, stopped at the balance indicator line of the daily scale, it has the nature of a correction. So the price is currently trying to go under the support level of 1.1815.
Weak economic indicators came out in the UK yesterday, in particular, the index of business activity in the manufacturing sector in August fell from 52.1 to 46.0 against the expectation of 51.3, but in the US, PMI indices were not much better and new home sales fell in July by 12.6%. But today the situation may improve in favor of the dollar: the volume of orders for durable goods in July is expected to increase by 0.6%, the volume of orders for capital goods may increase by 0.3%.
The downward movement turned out to be false – the shadow overcame the signal level of 1.1759 by 44 points. It can also be a sign of a moderate shake-out of the market (bears) for players to open more voluminous short positions. We believe that the next decline under 1.1759 will work, the price will continue to fall to the target levels of 1.1650, 1.1600.
The Marlin Oscillator is turning down from the zero line on the H4 chart. The general downward price movement, developing under the balance and MACD indicator lines.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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