The pound’s first attempt to break below the balance line (red moving average) was unsuccessful. Perhaps we will see more attempts, as the price has settled below the level of 1.2261, and the Marlin oscillator is not trying to turn upward.
If the price surpasses Friday’s low at 1.2186, the next target will be 1.2126. In order to extend the upward movement, the price needs to rise above the MACD line, which also corresponds to the level of 1.2287. In this case, the target will be 1.2447.
On the 4-hour chart, the price has settled below the MACD line, and the Marlin oscillator is progressing in negative territory. Following Friday’s scenario, the bearish bias remains intact.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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