The pound successfully reached the first bearish target at 1.2476. The price reached the support/resistance range at the end of April and the third week of May. Going under the 1.2436/76 range will open the 1.2250 target. It is very likely that the price will break through the support range to coincide with the transition of the Marlin Oscillator on the daily chart into the downward trend zone. Visually, this will take a day.
On the four-hour chart, the price is gathering strength to overcome the support level of 1.2476. The price is likely to move into the 1.2436/76 range and consolidate in it. Consolidating below 1.2436 will give impetus to a new wave of decline towards 1.2250 (June 2020 low).
