Yesterday, the British pound found the strength for a deep correction worth 80 points. It reached the target level of 1.1914. This level is supported by the wide consolidation range of the second half of February, so the correction has likely ended.
Now we wait for the release of the U.S. labor data in the evening, and expect the British currency to weaken further, as Nonfarm Payrolls are expected to be moderately strong. The short-term target is 1.1737, which is the high on September 13, 2022.
On the four-hour chart, the price formally settled above 1.1914, but the consolidation was performed by the candlestick with very small bodies, so it is weak. The Marlin oscillator is in the green and it gives the price optimism. But it can also quickly return to negative territory. Consolidating above the MACD line (1.1985) can reveal an alternative scenario and send the price higher to 1.2060.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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