On Monday, the British pound declined by 45 pips. The Marlin oscillator has eased its tension and is now positioned to resume growth with renewed strength. If the price breaks through the support range of 1.2816/47, the correction could deepen to 1.2714, moving the market closer to a potential reversal.
Currently, the primary target remains at 1.3001, which is the low from September 11, 2024. A breakout above this level would pave the way to the second target at 1.3101, the high from October 15, 2024.
On the four-hour chart, the 1.2816/47 support range is reinforced by the MACD indicator line, which reduces the likelihood of a price breakthrough.
If the Marlin oscillator enters negative territory while the price is rising, it would indicate a false signal, which would be a positive sign for a more extended upward movement beyond just the first target.
