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On Friday, the British pound sharply dropped and reached the target support level of 1.2510. On the daily chart, a convergence has formed between the price and the oscillator. We anticipate a correction, if not to the entire decline since September 26, then at least to the movement from November 6.
The minimum correction could target the 1.2708 level. A second strong level appears at the June high of 1.2859, with 1.2773 acting as an intermediate level. However, a decisive upward movement is unlikely today, as the price has yet to close the gap from the session's opening.
On the 4-hour chart, the price is moving within the range of 1.2510–1.2612. A reversal toward closing the gap will likely occur either at the 1.2612 resistance level or slightly higher at the MACD line.
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