Sunday, June 23, 2024
GBP/USD
The pound sterling fell by 13 pips on Friday. The price stopped falling at the MACD line on the daily chart. This morning, the price is consolidating on this line, probably with the intention to consolidate below it.
Once it completes this task, the price may break through the support at 1.2596 (January low) and then it could fall towards the target of 1.2517 (February low). There is a risk of convergence with the Marlin oscillator on the 4-hour chart. If this doesn't happen, meaning the price surpasses Friday's low within 2-3 candles, then the price will reach the support at 1.2596.
The price may struggle to consolidate below this level. If a convergence forms, the pound may correct higher and reach the MACD indicator line (1.2682).
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