On Friday, the British pound made its first attempt to fall below the important support level of 1.2422, a breakthrough of which would open the prospect of falling to 1.2300 (the MACD line) and further to 1.2155.
On the four-hour chart, the price has settled below the MACD line and the 1.2422 level. The Marlin oscillator is deep in the bearish zone. We are waiting for the development of this main scenario with the test of 1.2300, which is the daily MACD line.
Crossing the 1.2454 high may disrupt or at least delay the development of the main scenario with a sideways movement.