The British pound has been consolidating above the support level of 1.2250 for the fifth day. The lower shadows were deep punctures of this level on Wednesday and Thursday last week, but the bodies of daily candles are located strictly above it. The general trend on a daily scale is decreasing, so we expect the price to go under support today or tomorrow and settle under it. In this case, the nearest target at 1.2073 will open. Behind it is 1.1800.
The Marlin Oscillator is approaching its zero line, which it may not reach – turn around earlier, as it has already rebounded a week earlier (marked with an arrow). But if the oscillator moves into the positive area, then the growth may continue to the MACD line, or a little higher, in the range of 1.2436/76.
On the four-hour chart, the price is also consolidating above the support level of 1.2250. Consolidation below it will provoke an impulsive decline to the MACD line in the area of 1.2150, and then to 1.2073. The Marlin Oscillator has been moving flat on the zero line, but has generally been declining since the 17th. We are waiting for the pound’s decline as a development according to the main scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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