The pound did not reach the peak on October 21 (1.3012) and at the same time began to form a triple peak on the daily chart. The signal line of the Marlin oscillator penetrated into the negative trend zone In this basic scenario, the first target will be a Fibonacci level of 23.6% at a price of 1.2767 (which is also at the November 8 low).
The second target will be a high of October 11 at a price of 1.2703 – the MACD line is aiming for it.
On a four-hour chart, we consider intermediate goals: 1.2872 (50.0% Fibonacci), 1.2847 (28.2%), 1.2817 (23.6%). The MACD line tends to the level of 1.2817, and it becomes more significant before the price moves to 1.2767 and further to 1.2703. The Marlin oscillator on H4 entered the decreasing trend zone.
Origin: InstaForex
