On Monday, the pound sterling dropped by 83 pips. The lower shadow of the candle nearly reached the target level of 1.2612. The signal line of the Marlin oscillator attempted to return to the bearish zone but was unsuccessful on the first try.
Currently, Marlin is consolidating above the neutral line. A price break below the 1.2612 support will pave the way for a further decline toward the 1.2510 level.
On the four-hour chart, the Marlin oscillator has firmly entered bearish territory. The consolidation of Marlin at the boundary of the bearish trend on the daily timeframe may not last long. After breaking the 1.2612 support, the price will encounter the MACD line near the 1.2567 level.