Yesterday, the pound sterling fell 74 points under the influence of an overall strengthening of the dollar by 0.44%. Trading volumes were comparable to Friday’s (very high), so we can assume that investors are taking profits and closing positions.
Settling under the immediate support of 1.1737 will be a sign of investors’ intentions to open direct sales of the pound. This will make the 1.1500 target available. The price divergence with the Marlin Oscillator on the daily chart is getting stronger. On the four-hour chart, the signal line of the Marlin Oscillator approached the border with the downtrend area.
Settling under 1.1737 may coincide with Marlin’s transition to the negative area. This pattern of synchronicity will give the price the momentum for a fall. Aim for 1.1500. The MACD line, which is slightly above the target level, can also be attacked.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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