The British pound lost more than 80 points on the general trend of yesterday’s strengthening of the dollar (USDX 0.88%), and yesterday’s black candle engulfed the white Monday. This is a reversal pattern, this morning the pound continues to lose ground against the US dollar. The nearest support is the 1.2100 target level.
Overcoming support opens the next one, already set by the MACD line – 1.2015. Further, we are still waiting for the price to settle under this line and further descent to 1.1800. The Marlin Oscillator is turning down in the growing trend zone. Visually, with the price overcoming the MACD line, Marlin will already be in a downward trend.
The Marlin Oscillator is declining on the 4-hour chart, already in negative territory. The immediate support at 1.2100 coincides with the MACD line. As a result, overcoming the price of such a significant level will start a medium-term decline. The potential for movement is visible up to the level of 1.1660.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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