Yesterday, the pound showed increased volatility while the dollar index fell by 0.57%, the trading range was 120 pips with the day closing 8 pips above its opening level. On the technical side, nothing has changed for the pound. The Marlin oscillator, as before, develops sideways movement.
But there is one difference – the pound started today by falling, whereas yesterday, it started with growth. This increases the potential for downward movement, and we can already say that an attack on the target level of 1.1914 has begun. A consolidation under that level opens the target at 1.1737, which is the high on September 13, 2022.
On the four-hour chart, the price breaks through under the MACD indicator line, being under the balance line. The Marlin oscillator is in negative territory, which was not the case yesterday morning, and this is also an argument for a good starting position for the bears. We are waiting for the breakout of 1.1914.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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