For one more day, the pound extended its consolidation at the support level of 1.2250. The level is important, because overcoming it opens the way not only to the nearest target at 1.2073, but also to the promising 1.1800.

The Marlin Oscillator is preparing a reversal from the neutral zero line. If there is no reversal, then there will be an attempt to increase the price to the target range of 1.2436/76. To develop a downward movement, the price needs to settle under 1.2250.

On the chart of a four-hour scale, the indicator balance line keeps the price from rising. The Marlin Oscillator has moved into negative territory. Signs of a predominant choice at the price of a falling scenario are still prevailing over bullish signs, one of which is a reversal of the MACD line into growth. The second sign of growth is the very nature of consolidation after the impulse price growth on June 14-16. Our main scenario is going down.