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The EUR/GBP pair is anticipated to reverse its downward trend and begin to rise. The wedge-shaped decline since April 11 clearly has a corrective structure, and this downward movement has shown the first signs of exhaustion and bottoming out.
The Marlin oscillator indicates exhaustion, being ready to reverse after a slow descent. The price's stalling at the MACD Line and along the Fibonacci ray also signals a potential end to the decline. However, if yesterday's low of 0.8457 is breached today or tomorrow, the reversal will not occur, and the price will likely continue falling toward the lower Fibonacci ray near 0.8380, which is very close to the February 6 peak of 0.8377.
A breakout above the red trendline at 0.8505 will confirm the reversal. This line is not horizontal; it is an embedded line of the price channel line on the monthly timeframe.
On the H4 chart, the price is testing resistance at the MACD Line. The Marlin oscillator is still in bearish territory, indicating that the reversal will be difficult. The first step for the price is to consolidate above the MACD Line, above the 0.8478 level. After that, preparations for a breakout through the 0.8505 resistance will begin.
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