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The British pound could not break through the resistance levels of the balance indicator line (red) and the MA34 line (green). Thursday's price decline amounted to 75 pips. The Marlin oscillator is still preparing to cross into a downtrend zone, while the price has already broken below the nearest support level at 1.2708 and is approaching 1.2616.
The 1.2616 level will likely coincide with where Marlin touches the zero line, giving this support level strategic importance. A consolidation below it would open the path for further declines toward 1.2447, while a return above 1.2708 would improve the pound's chances of retesting the indicator lines and targeting the range of 1.2816/47.
On the H4 chart, the price has consolidated below the 1.2708 level and both indicator lines. The Marlin oscillator deepens into the negative territory, suggesting the pair might correct or consolidate. The 1.2708 level serves as the boundary for any such corrective movements. A short-term test of the MACD line (1.2734) is possible as a false breakout above the level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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