The British pound dropped 114 points yesterday, breaking the target range of 1.3646/70. Now, most likely, the price will try to reach the next target of 1.3538 (high on December 4, 2020). The Marlin Oscillator has the potential for an even deeper decline, roughly corresponding to the target price level of 1.3428.
A convergence has not formed on the four-hour scale, the Marlin Oscillator may now go deeper into the oversold zone as the pound moves to the target level of 1.3538. We still expect a correction from this level.
The material has been provided by InstaForex Company - www.instaforex.com