The British pound only managed to pierce the intermediate level of 1.3452 with its upper shadow. The day closed with a 22-pip loss. The Marlin oscillator's signal line is moving sideways in positive territory, so we expect the consolidation to continue below the 1.3452 level.
The entire 1.3364–1.3452 range is a consolidation zone, as only a breakout of its lower boundary would open the way toward the 1.3253 support level.
On the four-hour chart, the situation complicates the bears' position since the MACD line (1.3340) lies just below the 1.3364 level, and only breaking through this line would allow a full-scale attack on 1.3253.
Therefore, we are waiting for the price to firmly settle below the 1.3364 target support. At the moment, the Marlin oscillator is crossing into the falling trend zone, joining in to support the preparation for a downward breakout.
