GBP/USD

Following our main scenario, the British pound broke out of consolidation and moved lower amid the general weakness of the dollar and the stock market (S&P 500 -0.20%). The pound lost 76 pips, and now it is approaching the target support at 1.2500. Consolidation below this mark opens up the target of 1.2370.

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The Marlin oscillator is far from being oversold, so the pair may reach the next target level of 1.2270 without a deep correction. The MACD indicator line has turned downwards, indicating the direction of the trend in the medium-term.

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On the 4-hour chart, the price has fallen from the resistance of the MACD line. The Marlin oscillator is working on a decline in the downtrend territory. We are waiting for further development.