The British pound is slightly correcting up after the previous six-day strong fall. Currently, the price is testing below the MACD level (1.3000).
Consolidation above it can extend the growth to 1.3130, which will be 38.2% of the total movement since December 13. If the price cannot be consolidated above the MACD line, then the fall will resume with renewed vigor to the nearest target at 1.2820 – to the Fibonacci level of 138.2%.
On the four-hour chart, the double convergence according to Marlin worked, a minimal correction took place. This graph also shows that before the 1.3130 goal, there is an intermediate target at the Fibonacci level of 23.6% 1.3049, which coincides with the December 12 low. A price reversal may well take place from it. The intention of the price to move towards lower goals (1.2820, 1.2730) will be finalized with overcoming the low of December 23 at the price of 1.2904.
Origin: InstaForex
