On Thursday, the GBP/USD pair once again tested the resistance level at 1.2367. However, today the price has begun the session with a decline. The signal line of the Marlin oscillator has reached the edge of the growth territory, increasing the likelihood of a reversal from the neutral line.

The Fibonacci time zones drawn from the peak on December 6 suggest a high probability of a downward price reversal near the 8th line, which could occur either today or on Monday. Today, the UK PMI indices for January are scheduled for release, while on Monday, we will see the US new home sales data for December. Key targets for a potential decline include 1.2186 and 1.2036.

On the four-hour chart, the price remains above the balance and MACD indicator lines. The Marlin oscillator is consolidating above the boundary of the downtrend territory and is currently in a reactive state. The first challenge for sellers (bears) is anticipated to be at the MACD line, located around 1.2250.

The UK PMI data is expected to be released at 9:30 AM London time, with forecasts pointing to a potential decline. Later, at 2:45 PM London time, US PMI data will be announced, with forecasts suggesting an improvement in business sentiment.