On Wednesday, the British pound broke through the resistance level of 1.2443 and, finding it strong, closed the day below the MACD indicator line on the daily chart. Currently, the price is moving towards the nearest support at 1.2273 (the high of February 14).
The Marlin oscillator is falling in the bears’ territory. The oscillator will reach the oversold area when the price falls to the target range of 1.2125/53, defined by the highs of December 28 and November 24, 2022. As a result, we expect a correction from this range, with the limit being the level of 1.2273.
On the 4-hour chart, the price is gaining bearish momentum, under pressure from the Marlin oscillator, which only returned to the area of the downtrend yesterday. We are expecting the price to reach 1.2273. Consolidation below this level will pave the way for the 1.2125/53 target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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