The British pound fell by more than 70 points on Friday, with more confidence it forms a triple peak on the daily chart. When the price reaches the Fibonacci level of 23.5% at the price of 1.2765, the figure will finally form, and the price fall below the line (1.2765) opens the nearest target of 1.2703, then at 1.2608 (correction level 38.2%). Moreover, consolidating the price to 1.2608 will also mean consolidating below the MACD line, which in turn will create an additional condition for the medium-term fall of the pound from the nearest target of 1.2360 – the green price channel of the higher (weekly) timeframe and the Fibonacci level 61 converge at the 8% mark.
On a four-hour chart, the price has consolidated below the MACD line, but this morning the reverse consolidation above it took place. Without the Marlin oscillator signal line entering the growth zone, this price jump is considered corrective of the support achieved. With the return price drift under the line, the target opens at 1.2765.
The material has been provided by InstaForex Company – www.instaforex.com