FX.co ★ Forecast for GBP/USD on May 18, 2023

GBP/USD

Yesterday, the British pound failed to consolidate below the target level of 1.2443, it even closed the day at the opening level. At the moment, the price is developing above the balance indicator line (red), which the price was unable to overcome yesterday. The price also failed to reach the MACD indicator line. The price managed to do one thing – hit the target level of 1.2443.

The Marlin oscillator's signal line shows an intention to turn upwards, so I do not expect another attack on the MACD line (1.2400) today. When this happens, and the price is below 1.2400, the target of 1.2273 will be within reach.

On the four-hour chart, a convergence of the price with the Marlin oscillator has formed, and the Marlin itself is symbolically, but in the positive area. The corrective growth can now be chaotic, as the price is within the range of the first numbers of May, and only the MACD line (1.2562) limits its development.