The pound lost 16 points yesterday. Less than other counterdollar currencies, but it fulfilled its task - it was settling below the target level of 1.3800. More worries are caused by the horizontal movement of the Marlin oscillator - its signal line does not go down either from the wedge or from the horizontal range. If this situation continues for another day, the price may go back to the area above 1.3800. The main scenario is the price moving to the level of 1.3670 - to the April low.
On the H4 chart, the price has been developing under the MACD indicator line for more than two days. The spurious outburst of the price up on the 7th is an integral part of the downward trend. The Marlin oscillator turned down from the upward border this morning. We are waiting for the price to move down even further.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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