By the end of Thursday, the price returned below the balance and MACD indicator lines. The daily close occurred 23 pips below the MACD line, marking a conditional consolidation under it and significantly increasing the likelihood of further decline. Support at 1.3364 is formally open.
The Marlin oscillator turned downward while remaining in bearish territory. A close above the MACD line on Friday near 1.3475 would indicate conditional consolidation above it, opening the path to 1.3525. For now, the base scenario remains bearish.
On the H4 chart, the price attempted conditional consolidation twice above the MACD line, but each time it closed firmly below it. Today's situation differs in that the Marlin oscillator has shifted into negative territory. The price is likely to attempt to break support at the balance line (red moving average) once again.
The material has been provided by InstaForex Company - www.instaforex.com
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GBP/USD
By the end of Thursday, the price returned below the balance and MACD indicator lines. The daily close occurred 23 pips below the MACD line, marking a conditional consolidation under it and significantly increasing the likelihood of further decline. Support at 1.3364 is formally open.
The Marlin oscillator turned downward while remaining in bearish territory. A close above the MACD line on Friday near 1.3475 would indicate conditional consolidation above it, opening the path to 1.3525. For now, the base scenario remains bearish.
On the H4 chart, the price attempted conditional consolidation twice above the MACD line, but each time it closed firmly below it. Today's situation differs in that the Marlin oscillator has shifted into negative territory. The price is likely to attempt to break support at the balance line (red moving average) once again.
The material has been provided by InstaForex Company - www.instaforex.com