Yesterday’s range was limited to 56 pips, with the MACD indicator line acting as support from below and the balance indicator line from above. The price has settled below the level of 1.2443. The Marlin oscillator is maintaining neutrality in negative territory.
The pound could trade lower, in order to do so, it needs to consolidate below the MACD indicator line, below the level of 1.2405. The 1.2273 target will become available. If the price consolidates above 1.2443, it could give the bulls fresh strength, but it may not be enough to move towards the high target of 1.2583, as there are many intermediate levels along this path, which have been created since April.
On the four-hour chart, the price is staying below the level of 1.2443 and below the balance indicator line. The Marlin oscillator is struggling to stay in positive territory. There’s a higher chance that the pound will fall further than the growth to persist. One of the resistances for such growth is the MACD line around 1.2500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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