Yesterday, the pound reached the upper limit of the target range at 1.2436/76 with the lower shadow of a daily candle. The Marlin Oscillator is set for a reversal, so we are waiting for the price to work out the lower border of the range and then exit it down to the target level of 1.2250.
On the four-hour chart, the Marlin Oscillator has consolidated in the downward territory – in the zone of negative values. The MACD indicator line is approaching the level of 1.2436, strengthening it. Accordingly, after the price overcomes this level, the quote may sharply fall.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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