On Monday, the pound sterling fell by 33 pips, testing the support level at 1.2510. The Marlin oscillator continues to develop within two patterns: a descending red channel and a convergence with the price.
A break below the 1.2510 level will enhance the influence of the descending channel and open the way to targets at 1.2447 and then 1.2367.
On the four-hour chart, the price appears to be briefly consolidating above the previously reached 1.2510 level. Calm market conditions yesterday prevented any decisive movements.
The Marlin oscillator has shown a slight increase, yet it remains in bearish territory. A confirmed break below the 1.2510 support level would lead toward 1.2447.
