The British pound fell short of reaching the target level of 1.2708, closing the day with a black candlestick and a long upper shadow. The signal line of the Marlin oscillator has moved downward from the consolidation range, suggesting a potential decline toward 1.2500.
However, unless the price consolidates below the 1.2616 level for at least a full day, the prospect of a decline remains weak. There is a strong possibility that the price will make another attempt to reach 1.2708, which could pave the way for a significant move toward the target range of 1.2816 to 1.2847. The Marlin oscillator's range may also expand along its lower boundary in anticipation of this movement.
On the four-hour chart, there is still potential for a reversal from the 1.2616 support level, as the MACD line remains below the price. The Marlin oscillator could return to positive territory, similar to its behavior on February 19-20, as indicated by the gray oval. To confirm a downward movement toward the 1.2500 target, the price must consolidate below the MACD line at 1.2590.
