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The British pound has not outpaced the euro in its gradual decline following the recent European Central Bank meeting. It has confirmed its consolidation below the balance and MACD indicator lines. For the pound to move more decisively toward 1.2186, it needs to break through the support level of 1.2367.
In the four-hour timeframe, the price is consolidating below the balance line and approaching the MACD line. A consolidation below this level and a break under 1.2367 would pave the way for a decline toward the target support at 1.2186.
Additionally, the signal line of the Marlin oscillator is consolidating below the zero line, indicating that it remains in a downward trend. We expect further development of this bearish movement.
Today's U.S. data on personal income and spending is forecasted to show solid growth, which is likely to reinforce the strengthening bearish trend for the pound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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