FX.co ★ Forecast for GBP/USD on May 11, 2022

Yesterday, the pound showed a slight decline, continuing to develop in the nature of the previous two days - consolidation above the support level of 1.2250. At the same time, the Marlin Oscillator continues to grow, keeping the scenario of the formation of the expected triangle. From these positions, the current situation of the pound for the next day looks uncertain, throwing the price in the 1.2436/76 range could happen. A decline below 1.2250 opens the way for the underlying target at 1.2073 (May 2020 low).

The price is developing below the MACD indicator line on the four-hour chart, the Marlin Oscillator is growing slightly, but the growth is in the territory of a downward trend. All this speaks of the advantages of downward further development. The probability of a surge in prices up 40%.