Yesterday the British pound closed the day with a drop of 64 points, the low was shown by a fall of 110 points. Statistically, such a price drop occurs more often before further growth, but if the price decides to turn into a medium-term fall, then it needs to spend some time in the current range, and now this is the range of Fibonacci levels 123.6% and 110.0% (1.3412-1.3503), to set short positions.
Consolidating below 1.3412, under the MACD line, which is slightly below this level, may extend the decline to the target of 1.3160 – to the December 8 low. Consolidating above the Fibonacci level of 110.0% (1.3503) opens the target at 1.3570. The likelihood of rising and falling is the same at the moment.
On the four-hour chart, yesterday’s low was on the MACD line. On the one hand, this may be a sign of the end of the correction, and then the price will continue to rise to 1.3570, on the other hand, we see support for the bears by the downward Marlin Oscillator, which formed a divergence with the price. If the pound still intends to continue its decline, then the MACD line will become the factor that will help it gain short positions, which are necessary for the breakthrough of technical supports. A quick consolidation above 1.3503 will allow the price to work out the target of 1.3570.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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