FX.co ★ Forecast for GBP/USD on May 2, 2023

GBP/USD

Yesterday, the pound returned to Friday's opening (April 28) level. It didn't even try to advance to the target level of 1.2598. The signal line of the Marlin oscillator approached the limit of the area of the downtrend and is now gathering strength to overcome it.

The price will reach the support at 1.2447. Overcoming it will open the target at 1.2366 – the MACD indicator line on the daily chart and the low of April 21. Overcoming the MACD line will open a new target – 1.2273. From this level, a deep correction or consolidation is already likely.

On the four-hour chart, the price is above the balance and MACD indicator lines, and the Marlin oscillator is trying to quickly consolidate below the zero line to help the price overcome these supports (as well as the level of 1.2447).