On Thursday, the British pound consolidated above the target range of 1.2816/47 but slightly pulled back from the embedded green price channel line on the higher timeframe. If the price settles below this range, it would open the door to the 1.2714 target level.
A breakdown below 1.2714 would expose 1.2616, initiating a new wave of medium-term decline. Conversely, if the price breaks above yesterday's high of 1.2922, the upward movement could extend toward the 1.3001 target level.
On the H4 chart, the price is slightly retreating from Thursday's high, while the Marlin oscillator is dropping sharply toward the zero line. This could either be a momentary reset before further growth or the beginning of a deeper correction. The correction potential extends to the MACD line at 1.2770. A decisive break below this level would shift the trend toward a bearish reversal.
