Yesterday, the British pound traded in a range of 140 points, but it closed the day almost at the opening price, with a difference of 1 point. The entire range fell within the boundaries of the descending wedge on the daily chart. The boundaries of the wedge are built according to the closures of the daily sessions. The price is losing more than 20 points in today’s Asian session, the attack on the target level of 1.1800 is clearly starting. Consolidation below the level will open the 1.1660 target. The signal line of the Marlin Oscillator is turning down.
There was a puncture by the upper shadow of the balance indicator line on the four-hour chart, the MACD line was not reached. Bears are clearly strong. The Marlin Oscillator is going down in the negative area.
We are watching the price attempt to go under the target support at 1.1800. In case of another attempt to raise the price, it is possible for it to reach the MACD line (1.1967), but this mark now corresponds to yesterday’s high, so the chances of the bulls’ success are not great.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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