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Yesterday, the British pound achieved a strategic victory by breaking through the key support level of 1.2294, which aligns with the April 2024 low. Although the daily close was above this level, a decisive breakout with further consolidation seems imminent today, especially with US employment data set to be released this evening and forecasts looking positive.
The pound's first target is 1.2186, followed by a potential decline toward 1.2036, the low from October 2023. Additionally, the signal line of the Marlin oscillator has nearly reached the lower boundary of its descending channel, indicating delayed momentum, with an expected eventual exit from the channel.
On the four-hour chart, the price is consolidating above the 1.2294 level, allowing the Marlin oscillator to recover slightly and relieve some tension ahead of the anticipated downward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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