The British pound has been struggling with the support of the target level of 1.2250 for the third day. In the last two days, support was pierced by long lower shadows and the price returned back to it. Still, this is a technical sign of a subsequent downside breakthrough. The task is to settle under the support level, which is what the bulls understand and so far retain the forces necessary for resistance. The Marlin Oscillator is developing in the downtrend territory.
On the H4 chart, yesterday’s attempt by the price to break down was stopped by the MACD indicator line. And here the probability of another upward jerk of the price is already manifested before the final reversal into the medium-term decline. Growth may be in the target range of 1.2436/76, or slightly lower, to the MACD indicator line of the daily scale.
The Marlin Oscillator on H4 is moving sideways along the neutral zero line. The departure of the price under the MACD line, below the level of 1.2155, may finally decide the outcome of the struggle in favor of the bears.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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