FX.co ★ Forecast for GBP/USD on May 31, 2021

GBP/USD

The British pound moved down by 66 points last Friday, but the decline was prevented by the closing of investor positions before the three-day weekend in the United States and the United Kingdom. Trading volumes were high, with Friday's close at 16 points. The Marlin oscillator is slowly developing a decline, we are waiting for the price on the MACD line of the daily scale in the area of 1.4090, which coincides with the May 27 low in a few days.

On the H4 chart, the price is stuck in the interweaving of the balance and MACD indicator lines, and the Marlin oscillator is in the growth zone. We are waiting for the current consolidation to be completed, at which the price can still grow, afterwards, when the price has settled under the MACD line (under today's low at 1.4172), we are waiting for the price to move down even further.

Consolidating above the target level of 1.4244 will disrupt this plan, but not very much. In this case, it is likely to settle in the range of 1.4244/77 and turn down from it. Consolidating above the specified range will open the target level of 1.4345. Above it is 1.4427.