The British pound closed Friday by a decrease of 55 points, having met support from the MACD line on the daily chart. Overcoming this support, that is, consolidating the price below the Friday low, opens the target of 1.2820 – the Fibonacci reaction level of 138.2% on the daily chart. The signal line of the Marlin oscillator is slightly in the negative territory, but a local reversal of the line from the border could lead the pound to corrective growth to the Fibonacci level of 200.0% at the price of 1.3205.
On the four-hour chart, Friday’s growth was also delayed by the MACD line, and already with the support of the Fibonacci level of 23.6%. The level of 1.3050 is strategic; consolidating the price below it will strengthen the subsequent fall of the British pound.
Origin: InstaForex
