On Thursday, after the price touched the Fibonacci level of 223.6%, the pound fell and lost 28 points. On the daily chart, the price has consolidated below the trend line of the price channel, approaching the Fibonacci level of 238.2% (1.2154). Leaving the price below the level opens the target of 261.8% Fibonacci at the price of 1.2032.
Behind it, the level of 271.0% at the price of 1.1986, and in the area of coincidence with the line of the price channel.
On the four-hour chart, the price consolidated below the indicator lines of balance and MACD, Marlin is in negative territory, we are waiting for the implementation of the declining scenario. This development can be helped by today’s data on the US, where personal incomes of consumers for July is expected to grow by 0.3%, personal expenses by 0.5%, business activity index in the manufacturing sector of the Chicago region for August is forecasted to grow from 44.4 to 48.1.
Origin: InstaForex
