Yesterday, the pound rushed in both directions with a total range of 80 pips, but this did not lead to any significant outcome, as the pair closed the day down by seven pips. The balance line on the daily time frame limited the pair’s decline.
The Marlin oscillator has started falling from the neutral zero line. This morning, the pound is also trying to break through the support level of 1.2847. The nearest target is 1.2755, with the MACD line approaching it more closely. Breaking through this level and the MACD line will signify further decline in the medium-term.
The balance line also limited the pair’s rise on the 4-hour chart. The Marlin oscillator is on the zero line, ready to move down. It is likely waiting for an initial signal from the price—breaking through the support at 1.2847.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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