The decline of the pound on Friday is significantly different from its behavior over the previous four sessions. The day closed with a stark black candle below the 1.2186 support level, and on Monday, the market opened below this level as well. As a result, the next target support at 1.2036 is now in play.

The Marlin oscillator may continue its decline into negative territory. If it breaks below the 1.2036 target, the pound could then head towards the 1.1930 to 1.1950 range.

On the four-hour chart, the price has consolidated below the 1.2186 support level, as well as below the balance line and the MACD line.

The Marlin oscillator has halted near the boundary of the descending territory, with the pound waiting for a signal to indicate a downward breakout. This signal may come tomorrow, as today is Martin Luther King Jr. Day in the U.S., a national holiday, while tomorrow will bring the release of employment data from the UK.