FX.co ★ Forecast for GBP/USD on May 31, 2024

GBP/USD

Yesterday, the pound gained 31 pips. The upper shadow reached the target level of 1.2745. The price is currently falling. The Marlin oscillator is moving towards the boundary of the downtrend territory.

It is unlikely that there will be another attempt to overcome 1.2745, as the price is heading towards the support of the MACD line (1.2635). On the 4-hour chart, the price has returned below the balance line and has settled beneath it. The MACD line is moving downwards.

Marlin has entered the bearish territory. In the coming days, we expect the price to reach the first target of 1.2635. Consolidating below this mark will make it possible for the price to fall towards 1.2596. After that, the price may consolidate in the range of 1.2596-1.2635 or even start a corrective rise.