The British pound’s lower shadow on the daily candle reached Wednesday’s opening level. However, the target support at 1.2745 prevented the price from staying at the aforementioned mark. The price is currently trying to move below this support.
The Marlin oscillator has completed a double divergence and is approaching the boundary of the bearish territory. Once it moves into this area, it can strongly pull the price down. Consolidating below 1.2745 opens the next target at the MACD line (1.2640). On the 4-hour chart, the price has settled below the MACD line, and the Marlin oscillator’s signal line has also settled below the zero line.
These technical circumstances support the price in consolidating below the 1.2745 level. We expect the main downward movement on Monday, as the 1.2745 level is actually the centerline of the trading range, marked by the gray rectangle on the chart.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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