FX.co ★ Forecast for GBP/USD on May 30, 2023

GBP/USD

The pound sterling is rising for the third day. It's probably aiming for the narrow range of 1.2400/43, where it felt comfortable a week ago, before the dollar conducted its recent short-term attack. Now the pound is preparing to meet the news regarding the US debt limit.

The Marlin oscillator is rising ahead of the price, so this growth looks like a deflation, relieving the tension from the oscillator before it falls further. As a result, we expect the price in the target range of 1.2125/53, which was set by the highs on December 28 and November 24, 2022.

On the four-hour chart, the Marlin oscillator breaks into the positive area, which indicates the bulls' clear intention to reach the 1.2400/43 range, and this will be a false exit above the MACD line on both scales.