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The pound's potential for reversal is weakening. The Marlin oscillator, being a leading indicator, shows no signs of a serious reversal. A minor upward correction to 1.3141 or slightly higher, reaching the MACD line, is possible even without a major catalyst. If the price does break above 1.3080, the target level of 1.3141 can be considered open.
In two days, the ECB will hold a meeting where the rate is expected to be cut by 0.25%. Given the overall depressed state of non-dollar currencies, the scenario of a decline in the pound towards the lower boundary of the price channel, around the 1.2905 mark, is coming to the forefront.
On the four-hour chart, Marlin is consolidating above the zero line. At the very least, there is a strong chance of a local price push to 1.3141. Holding above 1.3141, which also coincides with the MACD line, would be a strong signal for a breakthrough to 1.3220.
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