Yesterday, the euro sharply reversed down against the pound from the strong resistance level of 0.8448. At the same time, the Marlin oscillator on the daily timeframe also turned downward from the boundary with the growth territory. The MACD line is also turning downward. It appears that the pair is set for a medium-term decline.
The first strong support level is the Fibonacci ray around 0.8294, which notably coincides with the low from October 18, 2024. After that, we expect the pair to decline further toward the lower boundary of the price channel in the area of 0.8224, coinciding with the low from December 11, 2024.
In the four-hour timeframe, the price has consolidated below the MACD line. The Marlin oscillator has also secured its position in negative territory. After the price breaks below the Fibonacci ray at the 0.8402 level, another wave of accelerated decline is likely.
