FX.co ★ Forecast for GBP/USD on May 19, 2022

The British pound's fall by 156 points from yesterday almost neutralized all of Tuesday's strongest growth. Now the price is on its way to the target level of 1.2250, surpassing it would open the 1.2073 target. The Marlin Oscillator is going down in the negative zone.

On a four-hour scale, the price is approaching the support of the MACD indicator line. The line is near the target level of 1.2250, when the price reaches this level, the indicator line will drop a little more and strengthen the linear support. Accordingly, surpassing a strong level like 1.2250 will give the pound a new impetus to the decline. The Marlin Oscillator on H4 is pushing through the neutral line and is being introduced into the territory of the downward trend.