Yesterday, the British pound worked through the entire range of levels from 1.3080 to 1.3120, closing the day below support. This morning, the decline continues. The Marlin oscillator on the daily time frame is breaking into the downtrend territory. The target of 1.2994 is open.
UK employment data will be released today. July’s unemployment rate is expected to decrease from 4.2% to 4.1%. Germany’s CPI for August is anticipated to decrease from 2.3% y/y to 1.9% y/y. The pound may continue to slide towards the specified target.
In the 4-hour chart, the price consolidated below the level of 1.3080. The Marlin oscillator is steadily declining in the downtrend territory. The MACD line has turned downwards. The current trend is downward.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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