The British pound is struggling but successfully breaking through the strong August support zone (highlighted by the green rectangle). The price is now approaching the 1.2612 target support, resisting the upward movement of the Marlin oscillator.
The price is likely to pause within the 1.2612–1.2708 range before attempting to reach the next support level at 1.2510. On the four-hour chart, the Marlin oscillator's signal line is nearing the upper boundary of its descending channel.
The price will likely abandon its attempt to consolidate above the 1.2708 level and aim for 1.2773. Otherwise, the price could be pushed upward, exceeding August's consolidation zone at 1.2859. Once the price consolidates within the 1.2612–1.2708 range, the Marlin oscillator on the H4 time frame is expected to move towards the lower boundary of the descending channel.
