GBP/USD
The expected consolidation of the British pound has developed into a full correction. Yesterday, the pound at its peak of growth blocked Friday's decline, the daily increase was 64 points. The signal line of the oscillator is kept in the zone of negative values, which does not yet allow us to consider the current increase as a restoration of growth or even as the development of wide-range consolidation with the formation of the fourth peak. Nevertheless, if the price consolidates above 1.2990, the Marlin oscillator is very likely to be in the growth zone, and the price will go to the resistance of the green line of the price channel, in the area of 1.3158.
If the current growth really turns out to be a correction, then after its completion the pound expects a sharp and deep decline, since the fourth peak is extremely rare in the market, and it is unlikely that this time it will be formed by a leisurely price movement. The goals remain the same: 1.2703, 1.2608, 1.2360.
On the H4 chart, the price is in the consolidation range on November 20-22, limited by Fibonacci levels of 61.8% and 76.4%. Price development occurs below the balance line, this may be one of the signs of a price reversal in this range. The Marlin signal line is close to the boundary with the growth territory, but still in the negative zone, which can also serve as a technical reversal condition.
We are waiting for the development of events.
