On Wednesday, the British pound with all its might fell on the support of 1.2381 (July 17 low), exactly from it the highest trading volumes were recorded, which indicates the closure of stop losses. The breakthrough was associated with the unwillingness of the British MPs to discuss the Brexit plan in a constructive way.
On the daily chart, the target opened at the Fibonacci level of 223.6% at the price of 1.2230. A little lower is the blue line of MACD, overcoming which will launch a medium-term decline. But for now, even in the context of the growth scenario, the price has a margin of decline of almost 200 points.
On a four-hour chart, the price has consolidated below the indicator lines of balance and MACD, the Marlin oscillator is in the decline zone. There are no reversal patterns.
Origin: InstaForex
