Yesterday, the British pound repeated the previous test of the Fibonacci level of 100.0%, that is, the lowest base line of the entire grid of 1.2725 from February 28 (December 13-February 28). This morning, the price went above this level and quickly returned back below it. The Marlin oscillator shows the beginning of a downward reversal.
According to Marlin, a triple divergence has formed on the four-hour chart, which is likely to foreshadow a deep correction or even a price reversal in the medium term. The first target of the decline is the Fibonacci level of 123.6% at the price of 1.2538, which is near the location of the MACD line. Consolidating under the level opens the following targets: 1.2424 and 1.2237.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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