As noted in yesterday's review, the British pound chose to meet today's fundamental speech by Jerome Powell in Jackson Hole within a comfortable range of 1.3364–1.3452. Indeed, the signal line of the Marlin oscillator has reached the zero neutral line.
Formally, the pound is ready for any development, but the price indicators — the balance line and the MACD line — point to a predominantly bearish scenario. A break below the nearest support at 1.3364 opens the target at 1.3253. A consolidation above 1.3452, provided Powell adopts a dovish tone at the Jackson Hole symposium, could push the price toward the target level of 1.3631. This would be the alternative scenario.
On the four-hour chart, the price has settled below 1.3452 and continues to decline. However, the Marlin oscillator is not showing significant downward movement; instead, it prefers consolidation within the bearish zone. On the one hand, this signals that the price may be running ahead of events, but on the other hand, such consolidation prevents the oscillator from premature exhaustion and serves as a sign of a potential downward breakout.
