The British pound lost only 4 points at the end of the day, but the price reached the lower border of the descending wedge with the lower shadow of the daily candle. It was 7 points short of the target level of 1.1800, but in this case this fluctuation can be neglected.
Now the price has an almost equal probability of reaching the upper boundary of the wedge before a decisive fall, and going under the lower boundary of the wedge immediately, in 1-2 days. The nearest target is 1.1660.
The situation on the four-hour chart does not clarify the situation – there is also an equal probability of these two scenarios, but the current trend is downwards. The upper border of the descending wedge of the daily timeframe is close to the MACD line on H4 (1.1980). An unambiguous signal about the price’s intention to continue the decline will come when the price goes under the support of 1.1800.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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