FX.co ★ Forecast for GBP/USD on May 27, 2024

GBP/USD

On Friday, the British pound managed to hit the target resistance level of 1.2745 for the third time in three sessions. The signal line of the Marlin oscillator continues its steady decline, so considering today's holiday in the UK, an upward breakout is unlikely.

But if there is a noticeable pullback, it will be easier for speculators to continue it on Tuesday. The nearest target for the move is the MACD indicator line around the 1.2635 mark.

On the 4-hour chart, the price is making the first steps towards consolidating below the 1.2745 level.

The Marlin oscillator has reached the boundary of the uptrend territory, and now we are waiting for an external signal for a breakout or reversal. The probability of a reversal is higher. If the price consolidates below the MACD line on H4 (1.2713), it will allow the pair to confidently form a sideways movement for 1-2 days, after which the price could fall to 1.2635 and below to the range of 1.2574/96.