FX.co ★ Forecast for GBP/USD on May 29, 2024

GBP/USD

Yesterday, the British pound tested the upper boundary of a 3-year descending price channel. If the price doesn't surpass yesterday's high in the next couple of days, the channel will be adjusted according to the new peak.

The signal line of the Marlin oscillator on the daily timeframe is inclined to reinforce the downward movement. If the price consolidates below the nearest support at 1.2745, it could quickly reach the MACD line around 1.2637.

If the price surpasses yesterday's peak and then the target level of 1.2826, the alternative scenario will have 1.2940 as the target.

On the 4-hour chart, the signal line of the Marlin oscillator is preparing to transition into the negative territory. This is crucial for the price because without the oscillator's support, it will be difficult to overcome the level of 1.2745, which is already reinforced by the MACD indicator line. We're waiting for the price to consolidate below the aforementioned support and move towards 1.2637.