The British pound failed to overcome the pressure of the daily balance line. Yesterday, the price fell by 69 pips, and this decline continued into the morning. The signal line of the Marlin oscillator has turned downward from the neutral zero line.
Currently, it is consolidating along the midline of its descending channel. Now, the scenario in which the signal line exits the channel downward into the oversold zone comes to the forefront. In this case, the price may reach the target support at 1.3233 or even 1.3139 (the May 12 low).
On the four-hour chart, the nearest task for the price is to break through the MACD line near 1.3455, which coincides with the June 10 low. A consolidation below this level would open the path toward the 1.3369 target — the June 23 low. As we can see, the Marlin oscillator is already pulling the price down.
