On Friday, following the release of mixed U.S. employment data, the British pound closed below the MACD indicator line. The Monday session opened below this line, and the initial gap from the market open has already been filled.
The Marlin oscillator's signal line has broken out downward from its consolidation phase (marked by the gray rectangle). A drop below the 1.2367 support level may coincide with Marlin entering negative territory, which could accelerate the bearish momentum. If this scenario unfolds, the next downward target will be 1.2186.
On the 4-hour timeframe, the price has secured itself below the balance indicator line, signaling a short-term bearish sentiment among traders. The Marlin oscillator has also settled in the bearish territory, confirming the downtrend continuation. A break and consolidation below 1.2367 will provide a clear path toward the 1.2186 target level.
Overall, GBP/USD remains under pressure, and further declines are likely unless key resistance levels are reclaimed.
