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On the weekly chart, the British pound must accomplish a very important task — to consolidate below the MACD line. Such consolidation would finally confirm the medium- and long-term bearish scenario for the British currency.
For a full confirmation, the new week should close with a black (bearish) candlestick. The signal line of the Marlin oscillator is attempting to cross into the downtrend territory. If it succeeds, the situation will gain confirmation and additional technical support. Today is a public holiday in the UK, so the main task for today and tomorrow is to keep the price within the 1.3206/65 range.
However, if the price rises above 1.3369 (daily chart), it may consolidate above the MACD line on the weekly chart, which would mean that last week's candle merely pierced the line — a false move. In that case, we could see the price rise toward 1.3834. This week is a battleground for the British pound, and Thursday will be the key day, with the Bank of England's decision on monetary policy.
On the four-hour chart, the rising Marlin oscillator is pushing the price to attempt an attack on the MACD line near the 1.3309 mark, which coincides with Friday's high. Consolidation above this level would put us in a wait-and-see mode until the BoE's meeting.
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