The pound fell by 112 pips yesterday, nearly reaching the target support level at 1.2600 with its lower shadow. Now the British currency should settle below this level in order to gather strength for an attack on 1.2520, which is reinforced by the MACD indicator line. Overcoming this barrier would mark the beginning of a descending medium-term trend with a target around 1.2030, set by the embedded line of the descending hyperchannel on the larger (monthly) timeframe.
The Marlin oscillator has approached the boundary of the downtrend territory and paused. Clearly, both the price and the oscillator will accumulate strength today and tomorrow to overcome the strong support level at 1.2600.
On the four-hour chart, the price is declining below the balance indicator line, and the MACD line has turned downwards. The Marlin oscillator has turned upward in the negative territory, indicating the intention to strengthen further (after a rest) and continue the downward movement.
The reason for the correction could be the final GDP data for the first quarter of the United States, which is expected to be revised downward to 1.4% from the previous estimate of 2.6%. Today’s UK report may indicate a revival in credit activity in May.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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