The British pound did not change much in price as a result of yesterday, technically strengthening the conditions for a downward turn. The signal line of the Marlin oscillator on the daily chart outlined a downward reversal with the growth territory. The immediate goal of the decline now is the November 8 low (1.2768), which almost coincides with the correction level of 23.6%. Leaving the price below the level opens the second target at 1.2703, then 1.2608 – the correction level of 38.2%. Here the price may meet the growing line of MACD, after which a pronounced correction is likely.
On the four-hour chart, there is still the possibility that the pound could slightly grow to yesterday’s high, but this time the price will have to meet the MACD line, as a result of which the price can get a strong impulse to decrease. The Marlin oscillator line lies in a lateral movement above the boundary with the territory of the negative trend, a downward movement can follow without a preliminary price increase.
Origin: InstaForex
