The pound traded in a range of 90 points on Monday, closing the day turned out to be a white candle of 10 points. Technically, this closely resembles the pound’s uncertainty in choosing a further short-term direction, and then the upper shadow can be interpreted as an unsuccessful attempt to fight the resistance of the balance line and the target level of 1.2100.
The Marlin Oscillator is moving horizontally above the zero line, which separates the upward trend and downward trend areas. After an unsuccessful attempt to rise, the price will now try to decline. The nearest target at 1.1996 is MACD’s indicator line. Leaving the area under this support opens the 1.1800 target.
On the H4 chart, the price settled under the resistance at 1.2100 after yesterday’s false exit above it. The signal line of the Marlin Oscillator is growing, but in the lower half of the oscillator and can turn down without working out the border with the growth area. The signal level for the bears, which marks the downward movement, is the support level of 1.1996 – the MACD line of the daily scale.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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