Under the general pressure of the market, the British pound declined by 100 points on Monday. It reached support at 1.2200. Now the price tries to break away from it. If it succeeds in rising then it could reach the target resistance at 1.2410.
The Marlin oscillator falls to the lower limit of its own range, which slightly increases the bears’ probability of winning. The price should settle under 1.2200 in order to fall further starting tomorrow. The nearest support at 1.1940 will become the target.
On the four-hour chart, the price stopped decreasing at the MACD indicator line. Here, we see that in order for it to fall further, the price should settle not under 1.2200, but under the MACD line. That means that the price should go below yesterday’s low at 1.2161. The Marlin oscillator managed to linger in the negative territory.
It will become clear whether it will be able to develop its success, pulling the price down, closer to the afternoon.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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