FX.co ★ Forecast for GBP/USD on May 16, 2022

The British pound has started a correction from the lows of two years ago. A sign of a more or less serious intention is the convergence with the Marlin Oscillator. The first target - the 1.2436/76 range is quite high - about 200 points from the current price, so the correction may not work it out. The price formed a strong range during the period from May 6 to May 11, a reversal can occur at any time within this range. After the price settles below 1.2250, we are waiting for the price at the level of 1.2073 (May 2020 low).

On the H4 chart, the price went above the MACD line with the Marlin Oscillator in the growth area. The price penetrated into the range on May 6-11 and now we have to wait until its potential for growth runs out.