FX.co ★ Forecast for GBP/USD on May 8, 2024

GBP/USD

Yesterday, the British pound slumped, outpacing other currencies, ahead of the upcoming Bank of England meeting (on May 9th). The price can now reach the target support at 1.2465.

If the Marlin oscillator does not interfere, that is, it doesn't move upwards for a correction from the zero line, then the price can soon reach the aforementioned level. Next, we expect a sequential test of support levels at 1.2424, 1.2355, 1.2307, as we do not expect a strong message from the BoE

On the 4-hour chart, the price consolidated below the level of 1.2525, below the red-colored balance indicator line, and below the blue-colored MACD line. Also, the Marlin oscillator has settled in the bearish territory. The pair is following a downtrend on both timeframes.