FX.co ★ Forecast for GBP/USD on May 14, 2024

GBP/USD

On the daily chart, the British pound has climbed above the balance indicator line with a rising Marlin oscillator. The price likely aims to reach the target of 1.2596, which coincides with the embedded descending line of the price channel.

The price has consolidated above the 1.2525 level and may continue to rise for some time. The second target is defined by the MACD line at 1.2637. On the 4-hour chart, the price has consolidated above both indicator lines, and the Marlin oscillator is rising in the positive territory.

Although the upward movement is turning into the main scenario, it probably won't come into fruition. If the price falls back below the 1.2525 mark and consolidates, the bearish scenario will become the primary one.