The British pound, like other counter-dollar currencies, rose a bit yesterday, but did not fight the nearest resistance, and this morning it shows signs of a reversal. The divergence of the price with the Marlin Oscillator does not change its shape for the second day.
The pressure remains and it will likely lead the price to the first support at 1.1737 (high on September 13). Going under the level will open the 1.1500 target. The price could rise after settling above the level of 1.1933. On the H4 chart, the Marlin Oscillator decreases ahead of the divergence pressure. At the moment, it is already being introduced into the territory of a downward trend.
The price is likely to connect a little later, with the release of data on inflation in the eurozone (11:00 London time). October CPI is forecast unchanged at 10.7% YoY. The first task is to overcome the support of 1.1737. Along it is the MACD indicator line (1.1670), which also needs to be overcome to advance to 1.1500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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