By the end of yesterday, the British pound consolidated below the support level of 1.3080. Despite the white candle, the pound confirmed its intention to decline. Currently, the price is attempting to move back above this level, but the Marlin oscillator, pressing against the boundary, is showing the pound the way to the target support at 1.299.
In the 4-hour chart, the price fluctuates around the 1.3080 level, a form of consolidation. The Marlin oscillator is in no hurry to move into positive territory. Even if it does, any growth in the pound will likely remain corrective in nature, as all these movements are taking place below the balance indicator line. A safe correction level is at 1.3120.
The market has a sense of optimism, driven by the anticipation of today’s economic data. GDP for July is forecasted to grow by 0.2% (1.4% y/y from the previous 0.7% y/y), industrial production for the same period may increase by 0.3% (-0.2% y/y from the previous -1.4% y/y), and construction output is expected to rise by 0.4% in July.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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