Following our main scenario, the British pound broke out of consolidation and moved lower amid the general weakness of the dollar and the stock market (S&P 500 -0.20%). The pound lost 76 pips, and now it is approaching the target support at 1.2500. Consolidation below this mark opens up the target of 1.2370.
The Marlin oscillator is far from being oversold, so the pair may reach the next target level of 1.2270 without a deep correction. The MACD indicator line has turned downwards, indicating the direction of the trend in the medium-term.
On the 4-hour chart, the price has fallen from the resistance of the MACD line. The Marlin oscillator is working on a decline in the downtrend territory. We are waiting for further development.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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