On Wednesday, the British pound tested the Fibonacci level of 161.8% at the last forces, and today it opened below this level. The Marlin oscillator is weakening, and we are waiting for the indicator and the price to reverse. The goal of the decline is the Fibonacci level of 138.2% at the price of 1.2820.
A significant correction is possible from this level (in depth or time), since the signal line of the Marlin oscillator can turn from its own line of the descending channel (marked by a dashed line). If this preventive reversal does not happen, the price will continue to decline to lower targets, the closest of which will be the 1.2728/58 range.
The MACD line stopped the price on the four-hour chart. The signal line of marlin decreases, but still remains in the positive trend zone. For the generated signal to sell, it is necessary to wait for it to go into the zone of negative values. This will happen when the price drops to 1.2910.
The material has been provided by InstaForex Company – www.instaforex.com