GBP/USD is declining firmly in the market. Its price has already dropped below the balance line in the daily chart, and the Marlin oscillator has penetrated into the downtrend zone. The level of 1.2250 (June 2020) is about to be taken, but upon reaching it the dip is likely to slow down, as the next target, the low of May 2017 at 1.2073, is quite far.
The quote is also declining rapidly in the four-hour chart. It is now below the indicator lines, and the MACD line is moving down, which indicates that the pair is bearish in the medium-term. The Marlin oscillator is in the oversold zone.
Most likely, the pair will consolidate at 1.2250 today, then move further down tomorrow. It will continue to decline ahead of the Fed meeting.
