Yesterday, the British pound added another 41 pips to its corrective rise from the 1.3369 support level seen on July 16. However, once again, the price failed to break above the balance indicator line. The Marlin oscillator's signal line moved above the axis of its descending channel but is showing signs of a reversal near the boundary with the bullish trend territory.

Another scenario is now coming into play: a rise of the oscillator's signal line toward the upper boundary of the channel, followed by a downward reversal and breakout. On the price chart, this could manifest as growth toward the target level of 1.3635, followed by a decline toward 1.3233.

Alternatively, the price could retest the 1.3369 support, bounce upward from it, and still head directly toward 1.3233. In any case, the pair remains within a free-floating range.

On the four-hour chart, the Marlin oscillator, despite yesterday's impulsive upward move, is leaning toward a breakdown below the ascending channel. Still, even if the channel is breached, the price is unlikely to reach 1.3369 unless it consolidates below the MACD line, which is currently near the 1.3457 mark.