The British pound fell by 55 points on Friday, breaking the support of the MACD indicator line. The price showed that the last two breakthroughs above this line on Wednesday and Thursday were false breakouts. The signal line of the Marlin oscillator turned down. Obviously, the price is going to attack the target support at 1.2155.
If it succeeds, the price can reach a new target at 1.1914, the low of February 17. However, since the price reversed from the MACD line, the subsequent movement may be even deeper (1.1737, 1.1644 – the October 27 high). Consolidating above the MACD line (1.2277), which will encourage the price to try to get to 1.2420, can break such a plan.
On the four-hour chart, Friday’s decline was stopped by the MACD line. The Marlin oscillator has entered the “red”. We can expect the next attack at 1.2155 once the price overcomes the MACD line and Friday’s low at 1.2189. Another target on the way to 1.1914 is 1.2040, which is a significant level in February as it plays the role of both support and resistance.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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