FX.co ★ Forecast for GBP/USD on May 26, 2023

GBP/USD:

Yesterday, the pound opened and closed below the MACD indicator line. The downward movement may move towards the target range of 1.2125/53.

The Marlin oscillator has slowed down and shows an intention to move up, which may indicate preparation for a correction to the MACD line (1.2400). If the correction does not occur and the support at 1.2273 is breached, we expect the price to reach the specified target range.

On the four-hour chart, the Marlin oscillator has a good potential for a decline. The price is below the balance and MACD indicator lines. If a correction does occur (while awaiting agreements on the U.S. debt limit), the upper limit of the correction is also the MACD indicator line at 1.2400.