The British pound traded in the range of 76.4-61.8% Fibonacci levels on Wednesday, closing the day near the upper level (61.8%). The price settled under both indicator lines - the blue MACD line and the red balance line. This means that the market is settling in a downward trend. The nearest target for the pound is 1.2912, the 76.4% Fibonacci level. Overcoming the level opens the main goal of 1.2812 - the June high.
The four-hour chart shows a downward trend with no signs of a reversal or deep correction. The correction at the 61.8% level has probably ended, and the Marlin oscillator will not enter the growth zone. We are waiting for the price to fall to the designated goals.
The material has been provided by InstaForex Company - www.instaforex.com