Last Friday, the pound dropped 65 points and is already halfway to the target level of 1.3160. The signal line of the Marlin Oscillator is approaching the forming line of the double convergence line. The oscillator is likely to turn upwards from this line, as it seems, to reach the MACD line of the daily scale.
Roughly, this meeting with the MACD line will take place in the area of the 123.6% Fibonacci level at the price of 1.3410. Settling below this level can send the price to a steeper peak – to the Fibonacci level of 200.0%, to the price area of 1.2890.
The price appears to have settled below the balance and MACD indicator lines on the four-hour chart, but Marlin is already pretending to be converging. It is not yet possible to predict which scenario the price will choose, we expect the day to be neutral, tomorrow indicators will strengthen in one direction or another.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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