Last Friday, the pound rose slightly and reached the resistance of the upper line of the falling wedge on the daily scale chart. The wedge-forming lines are built along the bodies of the candles.
The Marlin Oscillator confirms the price reversal from the achieved resistance, and now it is likely to head towards the lower border of the wedge, to the previously noted target level of 1.1800.
On a four-hour scale, the situation is not completely downward according to the readings of the indicators. The price is below the balance and MACD indicator lines, but Marlin is still in the positive area. Consolidating below 1.1975 (the July 1 low), will return the signal line of the oscillator to negative territory, which will become a signal for short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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