FX.co ★ Forecast for GBP/USD on May 19, 2023

GBP/USD

Yesterday, the pound reached the support of the MACD indicator line on the daily chart. Consolidating below it paves the way for the price to hit the 1.2273 target, the April 3 low.

Externally, the Marlin oscillator looks like it is willing to extend the decline, it is still far from the oversold zone.

On the four-hour chart, a convergence between the price and the Marlin oscillator. It looks weak, but, given that today's a Friday, when speculators lock in profits, a correction or consolidation is possible.

If fresh information arrives about the readiness of the White House and Congress to raise the debt limit over the weekend, as the officials said yesterday, then the pair will go up.