Yesterday the pound fell by 61 points. The price settled below the technical level of 1.1815 and broke the low of July 14th. The Marlin Oscillator is going down, the nearest target (1.1650) is open. Behind it is the second target at 1.1600. Target levels adjusted.
The indexes of business activity for the UK for August will be published today. Manufacturing PMI is expected to fall from 52.1 to 51.0, Services PMI is expected at 52.0 points against 52.6 a month earlier. The balance of UK manufacturing orders from CBI for August could be 2 against 8 in July.
The price is falling below the indicator lines on the four-hour chart, while the Marlin Oscillator is growing. Since the growth of Marlin comes from the oversold zone, the ongoing growth is interpreted as a discharge of the oscillator, relieving tension before its further decline.