Yesterday, the pound corrected higher by 20 pips. This morning, the price drifted lower, with the Marlin oscillator turning downward on the day chart. The price will most likely fall towards the target support at 1.2847. If the price settles below this mark, the pound will continue to fall to the second target at 1.2755. The MACD line is heading towards this level, and the price will likely encounter this mark upon reaching the level.
As a result, a corrective rebound from the 1.2755 support might occur. If the price settles below 1.2755 before the MACD line reaches it, there could be a short-term struggle with the bears winning, as the Marlin oscillator will already be in negative territory.
On the 4-hour chart, the price has consolidated within the range we anticipated yesterday. The Marlin oscillator has been bullish throughout the consolidation; it may now turn downward immediately or after reflecting from the zero line. The price could fall further if it breaks below Friday’s low of 1.2900.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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