On Friday, the pound was down 72 pips, breaking the support level of 1.2745 with a run-up. The divergence with the Marlin oscillator proved to be effective, the signal line is already striving to leave the bullish territory as soon as possible. The first target will be the MACD indicator line at approximately 1.2638.
On the 4-hour chart, the price passed below the MACD line and the horizontal support level and consolidated under them. Marlin has also plunged below the neutral zero line. We are waiting for the price at 1.2638.
A sign of the price’s determination to fall further is when it overcomes Friday’s low of 1.2715. Considering the slight bullish reversal of the oscillator and the gap from the market opening, the price will likely start a correction relative to Friday’s fall, approximately to the level of 1.2745.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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