The pound was able to overcome the resistance of the MACD indicator line on the daily chart, but could not hold steady above it. In today's Asian session, with the reversal of the Marlin oscillator, the pound fell below the indicator line, and in case it settles under it, it will attack 1.2155 (May 2022 low).
Consolidating below this level will open the next target at 1.1914.
On the four-hour chart, it is clear that the pound's growth from the 16th was excessive, the 1.2040 level is neutral in the short-term, and this level is located right between the target levels of 1.2155 and 1.1914. The price will probably linger on this neutral level for a while.
And now, with the Marlin oscillator entering negative territory, the price will try to overcome the support of the MACD line (1.2188) and 1.2155.
