On Wednesday, the British pound tested the 1.2708 resistance level but retreated downward despite the Marlin oscillator moving toward the upper boundary of its descending channel.

The incomplete use of the channel's full range leaves the price with an opportunity to break above 1.2708 again and aim for 1.2773. If the price moves below the 1.2612 support, it will likely continue its decline toward 1.2510.

On the H4 chart, the price is attempting to rise above the balance line, supported by the Marlin oscillator, which is developing in positive territory.

The MACD line further strengthens the 1.2708 resistance. While the price may struggle to surpass this level, pausing here could allow the daily Marlin oscillator to complete its channel. A consolidation above 1.2708 would open the way toward the 1.2773 target.