By the end of yesterday, the British pound successfully closed the gap and halted its rise at the balance and MACD indicator lines. The price has since dipped back below the MACD line. To confirm its intention to target 1.2186, the price must break through the nearest support level at 1.2367.
Additionally, the Marlin oscillator has not yet moved into negative territory, but it is expected to do so soon, supporting the primary scenario for the price. On the four-hour chart, the price has also moved below the MACD line.
The Marlin oscillator is approaching the boundary of the downtrend and is poised to help the price consolidate below 1.2367. A consolidation below this support level would open the path to a target of 1.2186. Alternatively, a bullish scenario would emerge if the price consolidates above 1.2500.
