GBP/USD
The pound was at the Fibonacci level of 138.3% on Monday and Tuesday, under the pressure of a divergence that was not strong on the Marlin oscillator. This is probably a consolidation before a more decisive downward movement. There are two key supports on the daily chart: the MACD line at 1.2345 and the Fibonacci level of 161.8% at 1.2235. Overcoming the latter opens the way to a medium-term decline in the pound with targets below 1.1700.
The price has to overcome the support of the MACD line in the area of 1.2370 on the H4 chart, consolidating under which opens the target of 1.2235. The Marlin oscillator is in the bears' territory, just waiting for the price to move.
