Yesterday, the British pound was down 136 points at the moment, but 161.8% (1.2548) reflected from the Fibonacci level upwards and tried again to touch the Fibonacci level of 138.2%.
The attempt failed, but today it can be repeated due to the inertia of the market. Possible continued growth to the level of 123.6% at the price of 1.2744.
There are still no technical prerequisites for growth at the current moment – on the daily and four-hour scales, the signal line of the Marlin oscillator is decreasing (even on the hourly chart this line is in the negative zone). There is a risk of a price reversal as another attempt to consolidate at 1.2548 with the development of 1.2478 – supporting the embedded price channel line on a daily basis. But there are no preliminary signals for moving down.
Origin: InstaForex
