The British pound fell 71 points yesterday. It has a target level of 1.1385 just ahead. Then it may continue to fall to the level of 1.1305. The downward trend continues, the Marlin Oscillator is in the area of negative values.
The UK retail sales data for August will be released today. A contraction of 0.5% (-4.2% y/y) is expected, while the core index may shrink by -0.7% (-3.4% y/y). We are waiting for additional pressure on the pound and from this statistical side.
The price has consolidated below the MACD line on the four-hour chart, the Marlin Oscillator is falling in the negative area, there is still a lot of room ahead of it to the oversold zone. We are waiting for the pound at the first target level of 1.1385.