Under the influence of the euro, the British pound fell by 80 pips on Thursday, breaching the support at 1.2444. At the same time, there are signs of a double convergence forming on the daily chart. If this is the case, the pound may not reach the target level of 1.2307 and the price could bounce back above the price channel line, possibly testing 1.2547. A break above this level would pave the way for the price to reach 1.2617.
However, if the double convergence does not form and the existing one is broken, the price can reach the 1.2307 target, and a sustained move below it would open the path to the lower embedded line of the price channel at 1.2202. The situation is uncertain, and the main events will occur when the Federal Reserve meeting takes place on September 20.
On the 4-hour chart, the price is falling below the indicator lines, and the Marlin oscillator is also moving lower, but there is a possibility of forming a convergence. We are waiting for further developments and more technical conditions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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