The pound no longer has enough strength to rise further. The price reversal occurred on the horizontal divergence of the Marlin oscillator, the pound was rising with its last strength.
Nevertheless, the reversal has just begun, and for confirmation, the Marlin oscillator must enter the territory of the downward trend. On the other hand, if the price manages to do so first, it needs to overcome the support at 1.2847.
A downward trend has formed on the 4-hour chart: the Marlin oscillator has settled and is developing a decline below the zero line, and the price has settled below both indicator lines. We expect the pound to reach the target level of 1.2847. Today, the UK will release retail sales data for June – the forecast is -0.6% (0.2% y/y versus 1.3% y/y in May).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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