Last Friday, the pound lost 130 points, closing the day under the target level of 1.2250, which has now become resistance. The signal line of the Marlin Oscillator turned down from the neutral zero line, which is an independent support and resistance level for this leading indicator.

Now the 1.2073 target is open, which is most likely to be overcome and the decline will continue to the next target of 1.1800.

The price settled below the balance and MACD indicator lines on the four-hour chart, the Marlin Oscillator is attacking the border of the downward trend area. The bears' attack continues.