The pound gained 86 points on Friday. The upper shadow tested the level of 1.1648, the low of August 29th. Consolidation above the resistance will open the target range of 1.1755-1.1815, formed by the daily MACD indicator line and the target level of 1.1815.
The downward movement will recover after the price settles under the support level of 1.1525 – the nearest target is 1.1385. The Marlin Oscillator is growing in the negative zone, so the current growth is considered in terms of a correction. Marlin can reach the zero line simultaneously with the price reaching the 1.1755-1.1815 range, where, if the pound does not turn around earlier, there is a high degree of probability that it will turn into a medium-term decline.
The price is gathering strength under the resistance of 1.1648 on the four-hour chart, the Marlin Oscillator is preparing to continue the growth. If it does rise, then we are waiting for its continuation to the specified target range of 1.1755-1.1815.
The decline is associated with additional difficulty in the form of the MACD line under the support of 1.1525 in the area of 1.1482, therefore, overcoming the price of only the support of 1.1525 may not be enough for full confidence in the development of the medium-term weakening of the British pound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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