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Following yesterday's stock market plunge (S&P 500 -1.46%), which was triggered by China's advancements in AI, the British pound has abandoned its attempts to break above the 1.2500 level—a resistance level reinforced by the MACD line—and has started today with a notable decline.
The Marlin oscillator has turned downward, consolidating in a downward trend. For this reversal to be confirmed, the price must break below the 1.2367 support level. If it does, this could pave the way to a target of 1.2186. On the four-hour chart, the Marlin oscillator's signal line remains in consolidation, albeit within a wide range.
Yesterday, the price surged upward to close a gap, but it now has a strong starting position from which to target 1.2367. This level, supported by the MACD line, indicates that consolidating below it would add further bearish momentum.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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