The pound is tired of rising. Yesterday there was not even an attempt to go above the resistance level of 1.3210, trading volumes were the lowest in March. The Marlin Oscillator on the daily chart lay in the horizon in the area of the downward trend. Consolidating below the level of 1.3110 will open the target range of 1.2853-1.2900 (the area of lower shadows in October-November 2020).
Marlin’s signal line breaks below the zero line on the four-hour chart. In this situation, this is the primary sign of a downward price reversal. But to confirm it, you must first go under 1.3110, then under the MACD line 1.3040. With an apparent price reversal, we mean that the range of 1.3110-1.3210 is the boundaries of the sideways movement of the pound and a breakthrough of its upper line is also possible.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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