Yesterday, the British pound was growing by 130 points at the moment, having overlapped the target level of 1.4210. It ended the day with 27 points. The resulting spike creates an increased likelihood of a reversal without forming a divergence. The Marlin oscillator is already turning down. We are waiting for the price in the range of 1.3950/65, after which the decline may deepen to the target level of 1.3830, which reached a 61.8% correction from the movement since February 4.
The price forms the first signs of a reversal on the four-hour timescale. To consolidate, the price should go below the 1.4065 level, which is approaching the MACD line, and Marlin should be in the negative zone. But after overcoming the price of 1.4065, Marlin will automatically be in the downward trend zone.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.