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The British pound dropped more than 100 pips yesterday. Although the price approached the target level of 1.2294, the low from April 22, 2024, it did not reach it. If today's trading closes with a bearish candle, this will confirm a consolidation below the 1.2367 level, establishing a strong basis for a potential breakthrough of 1.2294, with further movement anticipated toward 1.2186.
However, the price channel of the Marlin oscillator may present a challenge, as its signal line could bounce off the lower boundary. There is also the possibility of a quick breakout from this channel. With tomorrow's U.S. labor data release on the horizon, we consider this "decisive" scenario to be the most likely outcome.
On the H4 chart, the price has already consolidated below the 1.2367 level. The Marlin oscillator has turned upward, suggesting further consolidation below this level. It seems that the pound is preparing for tomorrow's crucial U.S. data.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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