03.05.202405:25 Forex Analysis & Reviews: Forecast for GBP/USD on May 3, 2024

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GBP/USD

The British pound remains focused on achieving a 50% correction from the decline between March 8th and April 22nd. This correction coincides with the target level of 1.2596. Pressure from the descending price channel's embedded line is acting as resistance from above.

As a result, such strong resistance could lead to a reversal, and the pound could fall in the medium-term. On the daily timeframe, the Marlin oscillator is currently supporting the price's growth by staying in positive territory. On the 4-hour chart, the price has settled above the balance line and above the intermediate level of 1.2525.

The Marlin oscillator has crossed the boundary into the uptrend territory. Take note that yesterday's reversal took place from the support of the MACD line, which generally suggests a good chance of reaching the level of 1.2596.

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