After the pound fell by 38 pips yesterday, the price fell below the lower band of the range marked on the daily chart with a gray rectangle. It seemed like a signal for growing bearish sentiment, but this morning, the price is returning to this range.
If we assume the end of the downward correction of the last two days, the Marlin oscillator channel on the chart may turn out to be correct, and the signal line may head to the opposite direction from the lower boundary. In this case, the pound will overcome 1.2645 and move towards 1.2745.
If Marlin continues to fall, moves into the bearish territory, and in the current phase, it precedes the price, then the price will test the target support at 1.2524. In case the price consolidates below 1.2524, the second target will be 1.2373.
On the 4-hour chart, the price is moving below the balance and MACD indicator lines, with Marlin in the downtrend territory. Generally, a bearish bias but volatile due to the upcoming US employment data this week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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