Yesterday, the British pound edged up following the euro, trading freely within the consolidation range of 1.2678-1.2785. This morning, the price and the Marlin oscillator turned downwards.
The pound sterling should break below the support level of 1.2678 to gain momentum for medium-term decline. The first target is 1.2600. If the price breaks above the nearest resistance level at 1.2785, it will change the main scenario to an alternative one, with the pair rising towards 1.2870.
On the 4-hour chart, the price stopped rising by the balance indicator line. The signal line of the Marlin oscillator is trying to return to negative territory as quickly as possible. If it does, the oscillator’s move into the positive area will prove to be false, further fueling the downward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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