The British pound could not cope with the resistance of 1.3210 on Friday, and the Marlin daily scale oscillator returned below the zero line, showing the previous exit into the positive trend zone was false (arrow). Now the task for the pound is to consolidate under the support of 1.3119 (March 22 low) and start the hike to 1.2900.
On the H4 chart, the price went under the red balance indicator line with consolidation, and this shows the shift in the mood of speculators to short positions. The signal line of the Marlin Oscillator is developing in a downward trend – in the territory of negative values. The MACD line approached the level of 1.3119 – it strengthened it, made it more significant for the prospect of a downward movement in case the price surpasses it.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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