The pound reached the 1.2436/76 target range on Thursday, this morning it is turning up into a correction. After the correction, which is likely to last until the Federal Reserve meeting on Wednesday, we are waiting for a new decline to the first target of 1.2250.
The price converged with the Marlin Oscillator on the four-hour chart. Correction receives support and development. The benchmark for its growth is the MACD indicator line, around the 1.2605 mark, where, presumably, the price will meet the Fed's decision on the base rate.