Yesterday, the pound lost 128 pips. It reached the nearest target support at 1.1940. Considering the double divergence that formed with the Marlin oscillator, the main goal now is to break through the support and keep falling to the next target at 1.1737.
The mortgage statistics will be released today. The main type of loan as an indicator of the health of the economy – mortgages – is expected to decline: net borrowing of mortgage debt is expected to reach 5 billion pounds in October against 6 billion in September, mortgage approvals for house purchases may show a decline to 60,200 from 66,800 in September.
On the four-hour chart, the price has settled under the MACD indicator line. Now it is at the support of the target level (1.1940) and the balance line (red moving line). It will take some time to cross the support, but after that we expect a similar price movement to the target of 1.1737. The price may linger at this level, as it will reach the lower limit of consolidation in August and November.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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