The British pound plummeted by 125 pips on Thursday, immediately overcoming two strong support levels: 1.2666 and 1.2614. The signal line of the Marlin oscillator is declining in negative territory, with 1.2500 as the target – the embedded line of the price channel is open. Overcoming this mark will allow the price to fall to 1.2447.
To extend the decline, the price will need to settle below 1.2447, with the 1.2307 level as the target. Today’s Jackson Hole symposium increases the risk of speculative movements. The market will listen to the Fed’s head, Jerome Powell, remarks regarding the central bank’s monetary policy.
On the four-hour chart, the price has settled below 1.2614, and the Marlin oscillator shows that it intends to turn around as it approaches the oversold territory. The pound will probably consolidate before the speeches of the key figures.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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