Yesterday, the British pound made another attempt, after Wednesday’s rise, to start an upward movement, but it was impossible to surpass the Wednesday high. And this morning, the price broke below the support level at 1.2427.
Up to this point, the Marlin oscillator has not been eager to help the price; it’s been busy doing its own job—releasing tension in front of the oversold territory for a more convenient downward movement. But now it has turned downwards. The nearest target for the pound is 1.2370—the November 17, 2023 low. Then comes the struggle to consolidate within the range of 1.2287-1.2307.
On the 4-hour chart, the price is preparing to consolidate below the level of 1.2427. The Marlin oscillator has moved into negative territory. The signal for further downward movement has been formed.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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