FX.co ★ Forecast for GBP/USD on May 21, 2024

GBP/USD

Yesterday, the pound performed well against the backdrop of a broad weakness of counter-dollar currencies, as it managed to gain 4 pips. The Marlin oscillator is moving sideways on the daily timeframe, almost reversing, so the price may start a medium-term decline from the level of 1.2745 with a higher probability than from the level of 1.2790 – from the upper boundary of the descending price channel.

On the 4-hour chart, the hypothetical divergence has become more complicated, but overall, the outlook remains unchanged. An uptrend in the short-term, and Marlin is ready for a short-term reversal to the upside.

The MACD line has come even closer to the level of 1.2642 – to the MACD line on the daily chart, strengthening this key area. If the price falls below it, it will be an important sign of a price reversal to a medium-term decline.