Yesterday’s price surge by almost 100 points was stopped and reversed by the balance indicator line on both scales – daily and H4. This morning the price continues to decline from this line on the daily chart, the Marlin Oscillator is turning down. Now the pound is going back to its old task for the fifth time – to overcome the support of 1.2476 and reach the entire range of 1.2436/76.
The task is really serious, because after it has been completed, the 1.2250 target will be available, followed by 1.2073 – to the May 2020 low.
On a four-hour scale, the Marlin Oscillator returned to negative territory after yesterday’s false exit to the growth zone. This is an independent signal to continue the decline. The price is below the balance indicator line. The MACD line is turning down, this is a sign of a reversal in the medium term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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