With minor assumptions, the pound's five-day sideways movement can be viewed as a consolidation above the 1.3369 level. If this is the case, the price is likely to soon settle below this level and head toward the bearish target at 1.3233.
The Marlin oscillator is slightly rising in negative territory, releasing tension ahead of another potential wave of decline.
An alternative scenario—growth toward 1.3635—can be considered only if the price consolidates above the July 16 high of 1.3485.
On the four-hour chart, the price failed to break above the balance line on Friday, and the Marlin oscillator also did not cross into positive territory. Consolidation continues. At the hypothetical breakout point, the MACD line coincides with the July 16 high at 1.3485. It is likely that this level will not be broken.
