Yesterday, the British pound spent the day within the expected range of 1.3206–1.3265, closing the day with a black candlestick, while today opened below the lower boundary of that range. The target at 1.3090 is now open.
If today's U.S. employment data does not disappoint — with an expected increase of 106,000 new nonfarm jobs in July — the main scenario will remain in play (targets at 1.3090 and 1.2955).
For the alternative scenario to unfold, the price must consolidate above the 1.3262 level. This would open the way to the 1.3369 target.
On the four-hour chart, the market is in a wait-and-see mode. The price has nearly settled below the 1.3206 level, and the Marlin oscillator has formed a small wedge, signaling an intention to accelerate the decline.
On the hourly chart, Marlin is still unable to enter positive territory. Like the price itself, it remains consolidated below its resistance.
