The British pound has reached its target resistance level at 1.2708, but this movement has exhausted its momentum. The signal line of the Marlin oscillator on the daily timeframe is breaking down from consolidation.
If the price falls below the support level of 1.2616, the next target will be 1.2500. A further decline to 1.2367 is also likely, as the bearish scenario is becoming the primary outlook.
On the four-hour chart, the Marlin oscillator appears to be erratic, fluctuating around the zero line. If the price consolidates below 1.2616 (which is reinforced by the MACD line), the decline of the Marlin oscillator could gain momentum, and the price is likely to follow suit.
