The British pound's attempt to rise yesterday was halted by the resistance of the daily balance indicator line (red moving average). At this level, the balance line coincided with the simple moving average MA34 (green).
The signal line of the Marlin oscillator is positioned horizontally, indicating that it is waiting for a more pronounced downward movement in the price. A break below the nearest support level at 1.2708 would open the first target for a decline at 1.2616. By then, the Marlin oscillator will likely confirm the move by shifting into the bearish territory (negative values).
The price is still developing above the balance line on the four-hour chart, meaning the current decline is occurring within a correction. However, Marlin has already moved into the bearish zone and is now assisting the price in overcoming support levels, including the key target level of 1.2708. If the price breaks below this support, it will encounter the next level of defense—the MACD line near 1.2674.