FX.co ★ Forecast for GBP/USD on May 17, 2023

GBP/USD

On Tuesday, the British pound fell by 43 points. The signal line of the Marlin oscillator is currently falling in the area of the downtrend. The price will probably continue to move towards the level of 1.2443, from which there was a corrective bullish reversal on Monday.

And if this correction has ended, then now the pound has to reach the support of the MACD indicator line (1.2397). Overcoming the MACD line will open the target of 1.2273. The bearish target is 1.2020/55 - the consolidation of December 2022 and February 2023.

On the four-hour chart, the MACD line is turning downwards - this is an indication of the direction of the medium-term trend. The price is gathering strength under both indicator lines. Yesterday, the Marlin oscillator could not move into the growth zone, now it is turning away from it downwards. The overall trend is downward.