The British pound has easily surpassed the support of the embedded price channel line and can now reach the price support at 1.2070-73, which is the May 2020 low. Tomorrow, the price will reach the 9th Fibonacci timeline. From this line, there is a high probability that a price reversal may occur either immediately or after one candle.
The nearest bullish target could be the level of 1.2444. There is no longer any convergence between the price and the oscillator, and Marlin is declining within the standard channel. A break above from this channel will confirm the price reversal. On the 4-hour chart, currently in the process of forming a convergence.
The current signal is weak, so there’s a relatively low probability of a reversal from the current levels. However, if the price consolidates above 1.2193, it will mean consolidation above the price channel line marked on the daily chart. We are waiting for the outcome of the U.S. Congress’s budget decision.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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