The British pound lost 35 points yesterday, coming very close to the support for the MACD line on the daily chart (1.4103). Consolidating below this line will mean that the price intends to decline further in the medium term.
The first target of this 1.4004 decline is the March 12 high. The Marlin oscillator is in the negative zone, which increases the likelihood of this scenario.
The price went down for the fourth time after the price falsely went above the MACD line on the H4 chart. Marlin is in the negative area. We are waiting for the price to settle below the level of 1.4103.
Consolidating above the MACD line (1.4160) can bring the price out of the three-week range with the target at 1.4244 and above 1.4277.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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