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On Wednesday, the British pound reached the target level of 1.2367 before following the broader market downward. The Marlin oscillator on the daily timeframe has not yet hit the boundary of the upward trend.
This situation could indicate a potential reversal aimed at breaking below the nearest support level at 1.2186. However, if the price consolidates above 1.2367, it could pave the way for a move towards the 1.2510 target. This level is reinforced by the MACD Line, making a breach of it unlikely.
On the four-hour chart, a divergence is continuing to develop between the price and the Marlin oscillator, which is nearing negative territory. If the oscillator consolidates in this area, it would strengthen the downward momentum for the price.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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