The pound fell by 80 pips yesterday. There was no attack on the support at 1.1914. Perhaps, the pound is preparing to overcome it with a run-up, which speaks about the probable sharp declines on the daily chart in the near future. However, the Marlin oscillator, as a leading indicator, declines slowly, so the decline may have a more complex structure. If the situation develops according to this favorable scenario, the target is 1.1737.
On the four-hour chart, the price and the oscillator turn slightly upwards. These reversal movements occur below the indicator lines and in the area of negative values at the oscillator, and it is a local corrective coordinated movement.
If there is no obstruction on the decline, then it is unlikely for the price to climb above 1.2012 – above the MACD line on the four-hour chart. If the price settles above this line, then the chaotic sideways movement in a wide range will persist.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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