After the pound fell by 92 pips, the divergence with the oscillator has been confirmed. The signal line of the Marlin oscillator has strengthened in the downtrend territory. We can expect the pound to fall further, but the price itself has not yet consolidated below the level of 1.2645. Perhaps the pound’s decline won’t be as deep.
On the four-hour chart, the price has consolidated below the support of 1.2645 but has not yet overcome the support of the MACD line. To confirm the intention to extend the decline, the price must consolidate below this indicator line.
The nearest corrective support is at the level of 1.2598. If the price consolidates below it, we can expect the bears to move towards 1.2524 – the peak of April 4. Consolidation above 1.2645 may bring back the upward movement. The stock market could support the pound’s growth, as a 5.2% growth in US GDP is expected today.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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