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The range of yesterday's GBP/USD movement exceeded Wednesday's by 172 pips, but ultimately, it did not benefit the pound. The day closed with a 72-pip loss, breaking through the target support at 1.2510. The balance line capped the upward movement.
The Marlin oscillator is developing in bearish territory. We expect the pair to break through the 1.2447 level and target 1.2367. On the four-hour chart, the price was also stopped by the balance line. Additionally, the Marlin oscillator turned downward from the neutral zero line.
At the moment, the price has consolidated below the 1.2510 level. Despite the oscillator's deep decline, the oversold zone has not yet been fully utilized. If the signal line reverses from the trend boundary, the oscillator may dive further into negative territory. This available momentum should be sufficient to reach the target price level 1.2367.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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