The pound fell 34 points on Wednesday. The lower shadow of the daily candle touched the signal level of 1.1759 (14 July low), the upper part of the candle came out above the resistance level of 1.1815.
This morning the price is again trying to get above this resistance, and if the attempt succeeds, it is possible to increase the correction to the MACD line in the area of 1.1905. Consolidating under 1.1759 will restore the downward movement towards the targets 1.1650 and 1.1600.
The Marlin Oscillator helps the price to go above the level of 1.1815 on the H4 chart. Further growth is possible to the MACD line, to the area of the 1.1905 mark. Moreover, the MACD lines on daily and H4 coincide, and this strengthens the level of 1.1905, from which a reversal into a further medium-term decline is most likely.
