The British pound fell 63 points on Friday, breaking the support of the Fibonacci level of 123.6%. The pound’s nearest target is the Fibonacci level of 138.2%, then 161.8%. But there is one nuance here – the signal line of the Marlin oscillator came close to the border of the bears’ territory, and this border is an independent level of support and resistance, which can provoke a corrective reversal of the oscillator line and the price itself. Marlin’s transition to a negative trend will occur when the price overcomes the Friday low of 1.2473.
The price is declining without signs of a reversal (correction) on the H4 chart. These signs are more likely to appear when the price reaches the target level of 1.2424.