Yesterday, the pound marked the upper shadow of the daily candle at the resistance level of 1.1170, after which it sharply went down. The price is already approaching the target level of 1.0820. Consolidation below the level opens the second target at 1.0535. The Marlin Oscillator is developing in negative territory.
A block of important economic indicators will be released in the UK today, the forecasts for them are negative. GDP for August is expected to remain unchanged, the annual indicator may show a decline in growth from 4.4% to 2.4% y/y, industrial production for the same period is expected to decline by 0.2% (0.6% y/y vs. 1.1% y/y in July). The trade balance is projected to deteriorate from -19.36 billion pounds to -20.40 billion pounds.
The price settled under the MACD indicator line on the H4 chart. The Marlin Oscillator is moving sideways in the downward trend area. The overall situation is declining.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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