FX.co ★ Forecast for GBP/USD on May 28, 2024

GBP/USD

The British pound took advantage of the dollar's temporary weakness amid thin liquidity conditions in observance of the US holiday. GBP/USD surged above the key resistance at 1.2745, and now the key target is 1.2782 – the upper boundary of the price channel, which is very close. The Marlin oscillator clearly senses this target and starts a downward reversal.

We can confirm this reversal if the price settles below the nearest support at 1.2745, and the price will head towards the support of the MACD line on the daily scale (1.2637).

The uptrend remains intact on the 4-hour chart – the price is steadily rising above the indicator lines, and the Marlin oscillator has settled in the bullish territory. Meanwhile, the MACD line is approaching the support at 1.2745. If a reversal takes place, it is unlikely to be significant; the price will probably linger in the range of 1.2745/82 for some time.