FX.co ★ Forecast for GBP/USD on May 13, 2024

GBP/USD

On Friday, the British pound climbed above the resistance level of 1.2525 with its upper shadow. Today, it opened below the level with a neutral Marlin oscillator on the daily timeframe. In this situation, it supports the bearish scenario with the price staying below the descending balance indicator line (red moving average).

Now the first task is to overcome the support at 1.2465. Once the price manages to attain this goal, the next target will be 1.2424. Next, we expect the price to reach 1.2355. An alternative bullish scenario is possible once the price closes above 1.2525 and surpasses Friday's peak. This will open the next target at 1.2596.

On the 4-hour chart, the price has settled below both indicator lines and below the level of 1.2525. The signal line of the Marlin oscillator is preparing to move into the downtrend territory. We expect the price at the support level of 1.2465.