The British pound abandoned its attempt to move toward the target level of 1.3631, slipping below 1.3525. From this, we conclude that the lower boundary of the range currently being worked out by the pound lies much lower than 1.3452. It is likely at 1.3140, and the price is heading in that direction.
The first sign of this on the daily chart was the decline of the price below the balance indicator line. Below the level of 1.3452, the Marlin oscillator may enter the territory of a downward trend. Under these conditions, the pound's decline will become the dominant sentiment in the market.
On the four-hour chart, the price has reached support at the MACD line. A consolidation below it will reinforce confidence in a successful move below 1.3452. We are now expecting the price at the first target level of 1.3364.
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