FX.co ★ Forecast for GBP/USD on May 12, 2022

After a noticeable, pronounced struggle of speculators on the GBP/USD pair in the 1.2550-1.2436 range, bearish players took over. The support at 1.2250 has been overcome, the target level at 1.2073 has opened – the low of May 17, 2020. A possible option with a triangle on the Marlin Oscillator has practically lost all chances. The resulting structure no longer looks like a triangular one.

On a four-hour scale, the price is falling below the balance and MACD indicator lines, consolidating under 1.2250 has formally taken place, Marlin is falling in the area of a downward trend after a reversal from the zero line. We are waiting for the price at the designated target level of 1.2073.