GBP/USD
The British pound did not reach the target level of 1.2644 in terms of the Fibonacci level of 110.0%. The reversal that started yesterday began again today in the Asian session. The nearest decline target is the Fibonacci level of 138.2% at the price of 1.2424. Behind it, the target is 1.2237 at a Fibonacci level of 161.8%. The Marlin oscillator is turning down, and the reversal, as a leading indicator, began to show since Tuesday.
Marlin is falling at an increased rate on the H4 chart, this is a sign that the price is still going to work out the Fibonacci level of 138.2%. The MACD line approaches this level, strengthening it. Therefore, overcoming the strong support at 1.2424 paves the way to 1.2237.
